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El Salvador buys the dip; also reveals plans for Bitcoin city

El Salvador buys the dip; also reveals plans for Bitcoin city

President Nayib Bukele announced buying 500 bitcoins during the dip and also showed images of Bitcoin city. 

In the midst of a major sell-off on the cryptocurrency market this week, the country added 500 Bitcoin to its Bitcoin reserves. In the midst of a major sell-off on the cryptocurrency market this week, the country added 500 Bitcoin to its Bitcoin reserves.

El Salvador’s President Nayib Bukele announced in a tweet in the early hours of Tuesday that El Salvador has capitalised on the crypto market crash and has added 500 new Bitcoins to its Bitcoin reserves.

In the midst of a major sell-off on the cryptocurrency market this week, the country added 500 Bitcoin to its Bitcoin reserves. El Salvador has now acquired a total of 2301 Bitcoin, which, at the time of writing, is equivalent to about $71,209,507.20 USD.

The recent buying spree  during a week in which the Bitcoin market dropped by over 50 percent. In the previous 24 hours, the price of Bitcoin has decreased by just under 10 percent, and in the past seven days, it has decreased by just under 20 percent. It has decreased by more than 25 percent in the past month.

According to Coinmarketcap data, the country purchased Bitcoin for around $30,744 and the price was $31,436.84 as of 16:00 on Tuesday.

The President also informed that El Salvador’s Bitcoin city is coming along beautifully.

He also informed that the Bitcoin city would be overlooking a volcano and would have trees all around. 

The South American country had also announced that it intends to issue Bitcoin bonds in the future. Previously, Alejandro Zelaya, the El Salvador’s treasury secretary stated that the Russia-Ukraine conflict is hampering bond issuance and that the government is waiting for the appropriate timing to issue the Bitcoin bonds.

Also Read: Why are crypto markets crashing? What should investors do? Expert explains    - BusinessToday

Also Read: Cryptocurrency markets crash further, Bitcoin below $30,000  - BusinessToday

Published on: May 10, 2022, 5:06 PM IST
Posted by: aakanksha chaturvedi, May 10, 2022, 4:55 PM IST