El Salvador ‘Buys the Dip’ – increasing the total number of Bitcoin in its portfolio to 1,120 BTC

El Salvador Buys the Dip

El Salvador Buys the Dip

On Wednesday, El Salvador’s president Nayib Bukele revealed that his government had purchased an additional 420 Bitcoin, increasing the total number of Bitcoin in its portfolio to 1,120 BTC.

According to data on TradingView, Bitcoin was trading at around $58.9K at the time the purchase was announced, putting the value of the transaction at around $24.7 million.

We have a trust fund accounted in USD, but the trust is funded by both USD and BTC. When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total,

“We’re already making a profit of the bitcoin we just bought.”

President Bukele

El Salvador’s First Volcano-Powered Bitcoin Mining Facility

The purchase comes barely a month after the Central American nation added an extra 150 BTC to its crypto holdings, adding to the 550 BTC it previously accumulated.

Bukele tweeted Wednesday, “We just bought the dip!” a similar phrase he used after the September purchase.

Recall that Bitcoin became legal tender in El Salvador on September 7 following the passage of the Bitcoin Law this summer. However, the move was met with several criticisms that led to protests and the eventual destruction of properties.

Nevertheless, the Salvadorian government has not been deterred by the challenges and has continued to roll out Bitcoin-based innovations within the country.

El Salvador Buys the Dip

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