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El Salvador Purchases 410 More Bitcoins Amid Market Drop, President Bukele Says
The nation now has over 1,500 bitcoins and plans to issue a $1 billion, 10-year bitcoin bond this year.
El Salvador bought 410 bitcoin (BTC) for $15 million Friday, President Nayib Bukele said on Twitter.
- “Some guys are selling really cheap,” he added in his tweet.
- It is difficult to verify such claims on the public blockchain because a buyer of a block of BTC at that size would almost certainly have to buy it in smaller chunks to avoid slippage.
- Bitcoin was down about 12% late Friday to the $36,500 level as broader crypto prices also retreated.
Nope, I was wrong, didn’t miss it.
— Nayib Bukele (@nayibbukele) January 21, 2022
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
STORY CONTINUES BELOW
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- The nation now holds over 1,500 BTC and plans to issue a $1 billion, 10-year bitcoin bond this year.
- Bukele has been a consistent dip buyer over the past couple of months in a sign of confidence in the cryptocurrency's long-term prospects.
- Bitcoin officially became legal tender in El Salvador in September, three months after the country’s legislature passed the Bitcoin Law.
Read more: El Salvador Plans to Offer Crypto-Based Loans for SMEs
UPDATE (Jan. 22, 2022, 1:06 UTC): Adds bullet point on the difficulty of verifying claims on the public blockchain.
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
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