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El Salvador purchases 500 bitcoins, while market bleeds

El Salvador has purchased the dip amid a bitcoin catastrophe. Nayib Bukele, the president of El Salvador, declared on Twitter on Monday that his country had purchased 500 additional bitcoins.

His remark came as the crypto market lost billions of dollars and bitcoin’s price plummeted by more than half from its all-time high.

BTC is now trading at $31,607 at the time of writing. It had dropped 8.5 percent in the previous 24 hours, 18.1 percent in the previous 7 days, and 25.4 percent in the previous 30 days.

In September of last year, El Salvador became the first country to make bitcoin legal tender alongside the US dollar.

Since then, the corporation has made occasional bitcoin purchases. The country purchased 420 bitcoins in October, 100 bitcoins in November, 171 bitcoins in December, and 410 bitcoins in January after initially purchasing 700 bitcoins. El Salvador has now purchased 2,301 bitcoins, bringing the total amount of bitcoins purchased by the country to 2,301.

El Salvador’s total bitcoin holdings, according to one estimate, have lost more than $30 million in value. Despite this, President Bukele remains enthusiastic on bitcoin, predicting that the price would reach $100,000 this year.

El Salvador likewise intends to issue bitcoin bonds, though no specific date has been specified. El Salvador’s Treasury Minister, Alejandro Zelaya, indicated that market conditions and the Russia-Ukraine conflict had an impact on bond issuance.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.