The President of El Salvador, Nayib Bukele announced that the government has taken advantage of the recent Bitcoin price drop and added 420 additional BTC to the nation’s reserve.
420 Bitcoin is worth about $24.6 million USD. The total amount of Bitcoin El Salvador has is 1,120 BTC, which is currently estimated at $87.4 million USD.
El Salvador initially acquired two batches of 200 BTC on September this year and added another 150 BTC a day later when it also became the first country in the world to make Bitcoin legal tender. Another 150 BTC, was bought on the same month which brought the country’s total to 700 BTC.
El Salvador’s Central Bank chief stated that El Salvador continues to invest under the expectation that Bitcoin will soon become a legitimate payment system.Bitcoins price has recently taken a downhill trend at $58,570 after hitting an all time high of $66,976 earlier this month.
