El Salvador, the first country to accept bitcoin as legal tender, has been multiplying the number of Bitcoins in its treasury by regularly buying the dip. On Monday, the country added $15.5 million worth of bitcoin to its treasury as the world’s most popular cryptocurrency continues to plummet from its all-time high of over $68,000 of November 2021.
The announcement of the recent addition to its balance sheet was made by President Nayib Bukele, who stated El Salvador just bought the dip, adding 500 coins at an average price of $30,744.
Of all the purchases, it is the largest amount of Bitcoin the country had bought since it began adding the coin to its treasury in September 2021, when it became the first country to adopt bitcoin as legal tender. Currently, El Salvador’s total bitcoin reserve is up to 2,301, or about $72.8 million at the current coin price.
For over a few months, the country has been regularly buying the dip. In December 2021, the El Salvador government bought 150 Bitcoin at an average price of $48,670. After the purchase, President Nayib Bukele tweeted he missed buying the coins at the lowest price by 7 minutes.
Also, during Bitcoin’s plunge in January, when its price fell from $42,270 to $35,000, El Salvador bought 410 of the tokens for $15 million. The President stated, “Some guys are really selling cheap,” when he announced the purchase.
Additionally, the country seems to benefit immensely from buying and adding Bitcoin to its treasury. As of now, the 500 coins El Salvador bought on Monday are currently worth over $15.8 million, a 2.68% gain on the country’s side.
Despite the bitcoin dip and criticism from the International Monetary Fund, the country seems unfazed by bitcoin’s volatility and has stuck firmly to its pro-bitcoin approach, facilitating its adoption by creating a government-backed bitcoin wallet called Chivo created for Salvadorans, established Bitcoin ATMs, and also launched initiatives aimed at increasing the adoption and use cases of cryptocurrencies in the country.
