El Salvador has added 410 Bitcoin (BTC) to its reserve at approximately $36,585 per BTC and a total of $15 million. This is the cheapest rate the country has ever bought as BTC values fall below $37,000.
President Nayib Bukele revealed the latest contribution to El Salvador’s BTC reserve, confirming that 410 BTC were purchased for $15 million, putting the price per BTC at around $36,585.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars
Some guys are selling really cheap ♂️ https://t.co/vEUEzp5UdU— Nayib Bukele (@nayibbukele) January 21, 2022
El Salvador’s continuous Bitcoin push
El Salvador approved BTC as legal tender on September 7, 2021, as a way to combat catastrophic inflation and the country’s dwindling purchasing power.
Today, the country has deliberately accumulated 1,801 BTC over the last four months, especially when the market experiences a brief price drop. El Salvador’s most recent purchase is the cheapest it’s ever been since the country recognized Bitcoin as a legal tender.
With Bitcoin trading just above $36,000 and the ensuing sell-off, Bukele believes “some folks are selling relatively cheap,” bolstering his long-term goal of widespread Bitcoin acceptance.
According to TradingView data, BTC prices have been steadily rising since mid-July, reaching an all-time high of about $69k in the first week of November. However, market values plummeted over the next three months as investors diverted their BTC winnings to other tokens.
