El Salvador Increases BTC Stash by 500 Tokens Amid Crypto Rout

El Salvador Increases BTC Stash

El Salvador’s President Nayib Bukele has announced that his administration has purchased 500 bitcoin tokens for $15.3 million when the cryptocurrency market plunged.

President Bukele said that the country paid about $30,744 on average for each token in the purchase.

The purchase by the Central American nation, which recently made the token a legal tender, was reportedly the tenth and the largest amount made in the country.

El Salvador last bought bitcoins on January 21, amassing 410 BTC at an average price of $36,585 per token. The country’s bitcoin holdings are about 2,301, worth about $71 million.

Bukele’s administration put off a planned $1 billion bitcoin bond offering which has been scheduled for March. The country cited unfavorable market conditions.

Source: Twitter 

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