El Salvador has purchased 410 more bitcoins amid a market drop, according to President Bukele.
El Salvador took advantage of the drop in bitcoin's price, which hit a record low. President Nayib Bukele said on Friday that his country has purchased an additional 410 bitcoins. Since the Bitcoin was proclaimed legal tender in Salvador, the government has purchased a total of 1,801 bitcoins.
El Salvador has decided to purchase the dip.
El Salvador's president, Nayib Bukele, tweeted on Friday that his country had recently purchased 410 bitcoins for $15 million. "Some folks are selling incredibly cheap," Bukele wrote, having paid around $36,585 per coin.
Bukele also remarked in the same tweet that he did not miss the downturn after all. "Nope, I was mistaken, didn't miss it," Salvadoran President Salvador Allende tweeted on Jan. 14 in response to his own tweet, "I think I might have missed the drop this time."
The price of bitcoin began a rapid decrease in early November last year from above $67K, according to data from Bitcoin.com Markets. BTC began the year above $47K, but on January 8, it dipped below $41K. The cryptocurrency then gradually rose and moved sideways until January 20, when it experienced a dramatic drop. BTC is currently valued at $35,713.02 at the time of writing.
Bukele thought he had missed the decrease in bitcoin's price while it was drifting sideways. BTC was hovering around $43K on January 14th.
The price of bitcoin has decreased almost 8% in the last 24 hours, more than 17% in the last seven days, and nearly 29% in the last 30 days at the time of writing. It is, however, up 15.4 percent for the year.
In September of last year, El Salvador passed legislation making bitcoin legal tender alongside the US dollar. It has been a consistent buyer of bitcoin since then.
El Salvador purchased 700 bitcoins in September of last year. In addition, the country purchased 420 bitcoins in October, 100 bitcoins in November, and 171 bitcoins in December. El Salvador has now purchased a total of 1,801 bitcoins (BTC).
Bukele made some positive bitcoin forecasts for 2022 earlier this month. Apart from anticipating bitcoin to hit $100,000 this year, the Salvadoran president sees BTC becoming legal tender in two more countries. El Salvador's Bitcoin City will start construction this year, and the country's volcanic bonds will be oversubscribed, he added.