El Salvador bought another Bitcoin for 150 BTC

After the official implementation of cryptocurrency as legal tender, Bitcoin has now become a part of daily life in El Salvador. Since then, the Salvadoran government promised to buy Bitcoin and insisted on the end of the transaction. Now, every time the price of BTC drops, the country calls for a drop and buys large amounts of Bitcoin.

In multiple instances in the past few months, El Salvador has purchased bitcoins worth millions of dollars.The country had Purchased 100 bitcoins During the last Bitcoin decline. This time, El Salvador once again seized the opportunity to increase its BTC holdings, adding 150 coins to its vault.

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El Salvador calls for low tide

Only a week after the last purchase, El Salvador once again increased its bet on Bitcoin. The decline in the value of digital assets has allowed the country to take advantage of current opportunities. Although a large part of the market panics and believes that it may enter a bear market, BTC purchases in El Salvador indicate the opposite.

President Naib Bukler once again announced the purchase made on Saturday on Twitter. Bukele announced to his 3.2 million Twitter followers that the country had purchased this drop, buying 150 coins at an average price of US$48,670, bringing the total amount of loot to approximately US$7.3 million.

BTC trading below $50K | Source: BTCUSD on TradingView.com

Green Bitcoin

Although President Nayib Bukele’s actions were praised by many in the Bitcoin space, not everyone was satisfied with the purchase. There have been many criticisms of El Salvador’s decision to invest in BTC across the country, but this has already rolled down from Bukele like water on a camel’s back.

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In response to comments that the President wasted taxpayers’ money on a digital asset that would suffer more declines, Bukele explained that the country’s purchases of BTC so far have been profitable. Bukele compared its BTC holdings with its gold reserves. Gold reserves fell by 0.37% from a year ago, while its Bitcoin remains green.

El Salvador recently purchased 150 bitcoins and now holds 1,370 bitcoins.

Featured image from Anadolu Agency, chart from TradingView.com



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