Nayib Bukele, the pro-crypto president of El Salvador, did not miss the opportunity to use the ongoing Bitcoin dip to the benefit of his country. With the mark of El Salvador’s largest BTC dip purchase to date, Bukele bought 500 Bitcoins at an average price of $ 30,744 (about Rs. 24 lakh) per BTC. Bukele, which legalized BTC last September as a payment option in El Salvador, is known to buy Bitcoins for the national treasury every time the crypto-asset declines in value.
In total, Bukele bought 500 BTC for about $ 15.3 million (about Rs. 118 crore).
The 40-year-old president of Salvador has usually posted an update on this purchase on Twitter.
El Salvador just bought the dip! : vlag-sv:
500 coins at an average USD price of ~ $ 30,744: party face:#Bitcoin
– Nayib Bukele (@nayibbukele) 9 May 2022
According to a report by Bitcoin.com, El Salvador’s national treasury currently holds 1,620 BTC, which currently stands at $ 49.5 million (approximately Rs. 382 crore) now that BTC values are at a four-month low.
By registering a drop of up to 8.80 percent, BTC values fell to $ 30,698 (about Rs. 23 lakh) on Tuesday, May 10, on exchanges such as Binance, CoinMarketCap and Coinbase.
Bukele last bought a pool of 400 BTC in January this year. At the time, Bitcoin prices had dropped to $ 35,000 (about Rs. 25 lakh) from $ 42,270 (about Rs. 30 lakh).
Despite warnings from the International Monetary Fund (IMF) against the use of BTC as a legal tender, Bukele continues to support the crypto-asset.
From establishing Bitcoin ATMs to creating a government-backed Bitcoin wallet called Chivo for Salvadorans, Bukele has brought initiatives focused on expanding crypto-acceptance and use cases in his country.
It appears that El Salvador has more BTC-related plans in the pipeline.
In March this year, Bukele met with Binance’s CEO, Chengpeng Zhao, who was visiting the Central American nation at the time.
While the details of this meeting were not disclosed, Zhao and Bukele allegedly discussed the issuance of Bitcoin securities by Binance to stabilize El Salvador’s BTC adoption aftermath.
While Bukele believes BTC is the future of digital payments, El Salvador’s long-term issuer rating (IDR) rating, which was previously at B-grade, has downgraded to ‘junk grade’, according to Fitch Ratings as a result of BTC adoption .