El Salvador Buys The Dip With 80 More Bitcoins

El Salvador has bought an additional 80 BTC, according to a Twitter post by the country’s President Nayib Bukele.

This marks another bitcoin purchase by El Salvador and the 80 BTC were purchased at an average price of $19,000, Bukele said. The total purchase cost was around $1.5 million. The price of Bitcoin as of 10:35 pm ET was $20,386, according to CoinMarketCap (CMC) and El Salvador's newest buy is worth $1.6 million based on this price.

The country started buying Bitcoin after adopting the world's biggest cryptocurrency as legal tender in September 2021. As per the data tracked by Bloomberg, until now the country had 2,301 BTC and after the recent purchase, it has a total of 2,381 BTC. As per current prices, the total Bitcoin holding of El Salvador is worth $48,539,066.

Bukele confirmed in October 2021 that El Salvador purchased its first 420 BTC at a price of $60,300. This was the highest price that the country ever paid for BTC.

"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," Bukele said in another Twitter post at that time.

Before the current purchase, the lowest price that El Salvador paid for BTC was on May 9 when Bukele revealed that El Salvador purchased 500 Bitcoins at $30,700 each.

"Smart! Your tourism increase alone is enough to pay for your holdings. Add the entrepreneurs moving there to build the future, and what it does to help the citizens of El Salvador and it seems like a pretty great bet," commented Jeff Booth, who led BuildDirect a technology company.

Interestingly, Michael Saylor, the CEO of MicroStrategy, confirmed that the firm had purchased 480 BTC for $10.0 million and the average price per Bitcoin was $20,817. The firm now holds 129,699 BTC at an average price of $30,664 per coin.