El Salvador’s pro-cryptocurrency president Nayib Bukele didn’t miss an opportunity to use the ongoing bitcoin decline to the advantage of his country. Marking El Salvador’s biggest BTC dip purchase ever, Bukele bought 500 bitcoins at an average price of $30,744 (approximately Rs 24 lakh) per BTC. Bukele, who legalized BTC as a payment option in El Salvador last September, has been known to buy bitcoin for the national treasury every time the value of the crypto asset drops.
In all, Bukele bought 500 BTC for approximately $15.3 million (approximately Rs 118 crore).
The 40-year-old Salvadoran president, as is customary, published an update on this purchase Twitter,
El Salvador just bought Dip! flag-sv:
500 coins at an average USD value of ~$30,744 :partying_face:#bitcoin
— nayibbukele (@nayibbukele) 9 May 2022
according to a report good The national treasury of El Salvador currently holds 1,620 BTC, which is currently worth $49.5 million (approximately Rs 382 crore), while the BTC value is at a four-month low.
On Tuesday, May 10, BTC price fell to $30,698 (approximately Rs 23 lakh), registering a drop of up to 8.80 percent on exchanges like Binance, CoinMarketCap and Coinbase.
Bukele last bought a pool of 400 BTC in January this year. At that time, the price of bitcoin had fallen from $ 42,270 (about Rs 30 lakh) to $35,000 (about Rs 25 lakh).
despite warnings from International Monetary Fund (IMF) Against using BTC as legal tender, Bukele continues to support the crypto asset.
From setting up a bitcoin ATM to building a government-backed bitcoin wallet chivo For the people of Salvador, Bukele is bringing an initiative focused on expanding crypto acceptance and use cases in their country.
It appears that El Salvador has more BTC-related plans in the pipeline.
In March this year, Bukele met with Binance CEO Changpeng Zhao, who was visiting the Central American nation at the time.
While the details of this meeting remained unknown, Zhao and Bukele Allegedly Discussed issuance of bitcoin bonds with Binance To stabilize after El Salvador’s BTC adoption.
While Bukele believes BTC is the future of digital payments, El Salvador’s long-term foreign currency issuer default rating (IDR), which was previously at B-grade, was downgraded to ‘junk grade’. Fitch Ratings As a result of BTC adoption.