El Salvador buys 80 Bitcoins at $19,000 each amid the market fall


  • EL Salvador adds 80 more bitcoins at $19000 each to the country’s assets.
  • The last purchase was in May of 500 coins at $30,744.
  • As per the sources, the Central American country has a total of 2301 coins at $103.9 million and a current portfolio worth $46.6 million.

Last September, El Salvador became the first country on the planet to use and accept Bitcoin as legal tender, alongside the US dollar. Until then, the country has been accumulating Bitcoin as per their requirements. 

Recently, the Central American country, despite the downfall of the crypto market the country procured 80 more Bitcoin at $19000 each.

Nayib Bukele, the President of El Salvador, on Friday morning shared the news over his official Twitter account. He said Bitcoin is the future and thanked for selling it for cheap as currently, Bitcoin is trading at $19500, making it 70%down from the all-time high value of $69000. 

Also, the crypto market’s value crashed under $1 trillion for the first time since January 2021. Global instability and aggressive rising of interest rates have made investors lose faith in the market and have started selling off their digital assets, which led to a bloodbath in the cryptocurrency space.

Adding further to the tweet, the text is accompanied by screenshots of 40 purchases made on Thursday, which cost a total amount of $1.52 million. 

The last Bitcoin purchase of El Salvador was in May, according to the President, Bukele, when the country purchased a total of 500 coins for $15.3 million, at a price of $30,744 each. 

As per the sources and information in context to Bukele’s announcements, the Central American country lost its bitcoin bet by 55.03 percent. 

From last year’s September to date, the country has acquired 2301 bitcoins for a massive total of $103.9 million, but as per the current crypto market scenario, the portfolio is currently worth $46.6 million with a loss of $58 million.  

Alejandro Zelaya, El Salvador’s finance minister, said in May that the country had less than 0.5 percent of its annual budget in bitcoin at the time and that the risk of losing bitcoins to the country’s finances was “very negligible.”