El Salvador accumulated 500 more Bitcoin today in its largest-ever purchase

El Salvador this week bought 500 Bitcoin for $15.37 million, taking advantage of the steep price drop to add to its crypto holdings, which are also legal tender in the Central American country.

El Salvador snaps up US$15 mln in Bitcoin after price plunge

“El Salvador just bought the dip!” the country’s Bitcoin-enthusiast President Nayib Bukele tweeted on Monday about the purchase made at an average price of $30,744.

According to data from CoinGecko, the Bitcoin price has dropped as much as 9.1% in the past 24 hours, dropping below $30,000 for the first time since July 2021.

El Salvador, the first country in the world to accept Bitcoin as legal tender, entered into buying Bitcoin following its most recent purchase in January of 410 BTC with an average price of $36,585. In January, the International Monetary Fund urged El Salvador to drop Bitcoin as a legal tender due to risks to market integrity, financial stability, and consumer protection.

Following its delayed Bitcoin-backed bond meant to provide funding for its so-called Bitcoin City, reports surfaced last week that no investors had yet taken the country up on its offer. Moreover, the 24% yield on its conventional debt suggests a relatively high risk of default.

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