President of El Salvador Nayib Bukele revealed that his government has bought a further 500 BTC. Following his country’s acquisition of 500 BTC at the price of $30.744k per coin, President Bukele proudly tweeted “El Salvador just bought the dip!” The sum of the country’s latest purchase came to $15.3 million, meaning that the small Central American country now possesses a whopping $72.5 million worth of bitcoin in its vault.
Buying the Dip for Long-Term Gain
Recent economic developments have seen Bitcoin (BTC) hit lows not seen since July 2021. over the last 24 hours, the price of BTC briefly dipped below $30,000, but has since recovered to trade at $31,925 at the time of writing. However, this still represents a 5% loss of its value in the last 24 hours, illustrating the current downtrend that many popular Altcoins are suffering as well. Despite BTC recouping some of its losses, the leading cryptocurrency is still down 17% in the last week. On the other hand, it seems that Nayib Bukele is elated with his purchase, and even stated that he could have made a million dollars in the last 11 hours, but he doesn’t believe it’s a good idea to sell bitcoins at this crucial juncture.
El Salvador’s President is in Love with the Crypto
El Salvador has made a number of BTC buying sprees, with the previous purchase coming in January 2022, when Nayib Bukele acquired 410 bitcoins at a trading price of $36,585. As the first country in the world to adopt Bitcoin as legal tender, El Salvador has received multiple from the International Monetary Fund. The IMF believes that El Salvador’s early adoption of the leading crypto is playing with fire due to the extra risks it poses to consumer protection, transparency, and the financial stability of the country.
Up to now, the extravagant president’s experiment to integrate Bitcoin into El Salvador’s everyday life hasn’t been too successful. The revival of the Chivo Wallet generated some momentum, but interest in BTC and the app itself sharply declined once citizens used the initial $30 bonus and many of the app’s users remarked that Chivo was simply too difficult to use for everyday life.