The Strategist

El Salvador authorities reveal additional Bitcoin purchases

05/10/2022 - 04:41

El Salvador's President Nayib Bukele said the country's government has purchased "on a dip" 500 bitcoins for a national cryptocurrency fund.

Jernej Furman via flickr
Jernej Furman via flickr
"El Salvador just bought on a dip! 500 coins at an average price of $30,744," the politician wrote on his blog.

El Salvador's first government purchase of 400 bitcoins took place last September at a price of $51,353, and authorities have publicly reported such purchases ten times. Analysts in the local media estimate the total purchases to date to be about 2,301 bitcoins.

The losses of the Salvadoran government, which has spent more than $100 million to buy the cryptocurrency, due to the significant decline in its exchange rate are now estimated at $30 million.