El Salvador’s President claims the government spent $15 million on the latest Bitcoin ‘Dip’

According to Nayib Bukele, president of El Salvador, his nation has purchased an additional 500 Bitcoin (about $15.3 million) during the current market drop, bringing its total BTC holdings to more than 2,300 (approximately $72.5 million) at the time of this writing.

What a deal! El Salvador has purchased the dip! According to Bukele’s tweet, his administration bought the items for an average of $30,744.

BTC has dropped by more than 11% in the past day and has been joined by other digital currencies in a downtrend. Many long-term Bitcoin investors aim to “buy the dip” and acquire the currency while it is heading down.

El Salvador will be the first nation to accept Bitcoin as legal money in September 2021. Many Bitcoin supporters have welcomed the initiative, but it has received a mixed response throughout the world. The International Monetary Fund (IMF) and senior United States government officials both issued statements of concern in response to this decision.

The nation has been investigating geothermal Bitcoin mining options while simultaneously stockpiling Bitcoin for its own use. However, it’s not apparent who’s purchasing the Bitcoin, whether it’s Bukele or the government, and who has access to the wallet’s private keys.

Also Read: As Selling Pressure Increases, Nearly $800 Million In Ethereum Enters Exchanges