El Salvador Once Again Bought Bitcoin Dip, 500 Coins Added to Holdings

As the most popular cryptocurrency continues its sell-off, El Salvador’s government recently bought 500 bitcoins, which marks its largest purchase till date.

According to the President’s official tweet, El Salvador purchased bitcoin at an average price of $30,744.

El Salvador started investing in digital currency in September 2021, which happens to be the same year when the country became the first country to adopt bitcoin as legal tender, alongside the U.S. dollar.

Adding to the expanding bitcoin reserves of El Salvador, the total purchase price comes to $15.3 million. With a cumulative 1,620 BTC the total reserves currently sit at $49.5 million with the current price of BTC hovering at $30,600, down from the all-time-highs of over $67,000.

Bukele’s latest tweet clarifies his excitement on the purchase of bitcoin and believing in its future potential.

The fact that strengthens Nayib Bukele’s history of buying large amounts of BTC during dip-buying opportunities is bitcoin’s current status of undergoing a flash crash and teetering the support of $30,000. A few highlights demonstrating President’s obsession with dip-buying bitcoin during flash crashes include-

On September 6th, 2021, Bukele announced purchase of 200 BTC. On the next day BTC fell from $51,000 to $43,000 and Bukele once again announced buying the dip for another 150 BTC.

On September 20th, 2021, he again bolstered country’s bitcoin reserve when BTC dipped to $45,500, down from its $50,000 highs. Through successive dip buys, the nation-state managed to acquire another 150 BTC.

On October 28th, 2021, once again Bukele announced buying additional 420 BTC when the price dropped to $58,800, down from its previous highs of $67,000.

In the past 24 hours, bitcoin is down more than 8%, and it’s nearly 55% off its November all-time high.