HomeNewsShopping continues: El Salvador accumulates more Bitcoins

Shopping continues: El Salvador accumulates more Bitcoins

El Salvador has regularly purchased Bitcoins during its bearish periods and during the recent dip it has again added some more Bitcoins to its kitty.

President of El Salvador and Bitcoin-supporter Nayib Bukele announced this week that they had purchased another 80 bitcoins. He bought the premier cryptocurrency at a price of $19,000 each ($1.52 million).

The country accepted Bitcoin as a legal tender on 7th September last year. At that time, Bitcoin traded at $50,000 per coin. Moreover, his government regularly purchased Bitcoin despite receiving sharp criticism from US Lawmakers, the banking industry, and even the IMF.

A certain section of the population of El Salvador protested against the purchase of Bitcoin. However, the government is unfettered from all the protests.

About a month ago, El Salvador added another 500 bitcoins to its kitty. At that time, the government purchased the premier cryptocurrency at a price of $30,744 ($15.3 million). If we look at the statistics, El Salvador has spent around $104 million on Bitcoin in total.

However, the total value of Bitcoin stands at around $44 million today. That’s already 57% less than what the government paid for the coins. In fact, since its heydays of reaching close to $70k per coin, Bitcoin has lost 71.8% of its value.

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