Salvadoran President bought the dip again, investing more than $5 million into Bitcoin as the price dropped under $54,000.
El Salvador’s president said he had purchased 100 Bitcoin following a global market sell-off in response to a new COVID-19 variant discovered in South Africa. According to data, since reaching an all-time price of $69,000 on Nov. 10, Bitcoin has fallen more than 20% to reach $54,343 at the time of publication, an 8% drop in less than 24 hours.
The president first announced El Salvador would be making a major BTC purchase on the eve of the country’s Bitcoin Law going into effect by buying 200 BTC when the price was roughly $52,000. He has tweeted each time that the government purchased coins during a price dip, with the country holding 1,120 BTC before the latest buy. With the addition of the 100 coins on Nov. 26, El Salvador holds BTC worth roughly $66.3 million at the time of publication.
Since first announcing legislation aimed at making Bitcoin legal tender in El Salvador in June, Bukele has proposed several initiatives in the country around adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.
