El Salvador has procured 150 Bitcoin during the biggest bear market since Bitcoin attained an all-time high of nearly $68,000 back in November.
Salvadoran president Nayib Bukele publicized the purchase of 150 BTC as the market price momentarily slipped below $50,000 after losing over 15% in market value.
While the government was able to make the purchase at $48,670 per coin, the bear market temporarily brought down the Bitcoin price to almost $42,000 after falling over 37% from its all-time high.
El Salvador’s Bitcoin reserve now totals to 1,270 BTC, which is worth nearly $60.3 million. Previously, the president announced purchasing 420 Bitcoin on Oct. 28 during a temporary bearish market.
The Salvadorean governments plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.
