Nayib Bukele, president of El Salvador, has announced another Bitcoin purchase in the midst of current crypto market turmoil.
Bukele claimed that he bought 500 Bitcoins for $30,744 each. This was according to Twitter. It also referred to the purchase by “buying the dip”. Bitcoin fell to $31,000 just an hour earlier, wiping out $300 million of open interest in the crypto markets. The current price of Bitcoin is $30,972, which is even lower than it was at the time. However, Bukele has never been one who fears the market. Bukele has been known for buying more Bitcoin when its price drops to collect as many as possible. The International Monetary Fund repeatedly called for the president to halt El Salvador’s adoption. Bukele dismissed them all. El Salvador last purchased Bitcoin in January, when it bought 410 Bitcoin for $15 Million. Today’s purchase of 500 bitcoins costs approximately $15.3 million. This brings the country’s total Bitcoin holdings to around 231.
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