bitcoin

El Salvador snubs bitcoin price decline, buys the dip

El Salvador remains unfazed by the dwindling bitcoin price and the negative outlook of the crypto market at large. Unlike some other institutional and regular investors looking to exit open positions and convert volatile assets to stablecoins, the country is committed to increasing its bitcoin.

As announced by President Nayib Bukele, El Salvador added 100 bitcoins worth around $5.4 million to its wallet (as at press time).

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“El Salvador just bought the dip. 100 extra coins acquired with a discount,” President Bukele announced with pride on Twitter.

The Central American nation conducted a similar but much bigger transaction last month when it purchased 420 bitcoins.

In all, El Salvador has over 1,000 bitcoins stashed in its wallet, and from all indications, President Bukele wouldn’t hesitate to buy more dips if bitcoin’s price goes down further.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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