El Salvador Purchases 410 More Bitcoins Amid Market Drop, President Bukele Says
By Michael Bellusci
El Salvador bought 410 bitcoin for $15 million Friday, the country’s President Nayib Bukele said on Twitter.
- “Some guys are selling really cheap,” he added in his tweet.
- It is difficult to verify such claims on the public blockchain, since a buyer of a block of BTC that size would almost certainly have to buy it in smaller chunks to avoid slippage.
- Bitcoin was down about 12% late Friday to the $36,500 level as broader crypto prices also retreated.
- The nation now holds over 1,500 BTC and plans to issue a $1 billion, 10-year bitcoin bond this year.
- Bukele has been a consistent dip buyer over the past couple of months in a sign of confidence in the cryptocurrency’s long-term prospects.
- Bitcoin officially became legal tender in El Salvador last September, three months after the country’s legislature passed the Bitcoin Law.