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.
El Salvador just bought the dip! 🇸🇻— Nayib Bukele (@nayibbukele) May 9, 2022
500 coins at an average USD price of ~$30,744 🥳#Bitcoin