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El Salvador Buys 410 Bitcoins Ahead of Crash

By WebsCryptoJanuary 24, 20221 Min Read
El Salvador Buys 410 Bitcoins Ahead of Crash
Source: Reuters
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Last Friday, El Salvador announced the purchase of another 410 bitcoins as the price of the currency continued to fall.

On January 21, El Salvador President Nayib Bukele announced on social media that he purchased 410 bitcoins for $15 million, with an average price of $36,585 each.

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Nope, I was wrong, didn’t miss it.

El Salvador just bought 410 BTC -1.58%?src=hash&ref_src=twsrc%5Etfw">#bitcoin for only 15 million dollars 🥳

Some guys are selling really cheap 🤷🏻‍♂️ https://t.co/vEUEzp5UdU

— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022

Previously, El Salvador announced the adoption of Bitcoin as national legal tender on September 7, 2021, as a means of fighting inflation in the country. As of January 21, El Salvador has accumulated about 1,800 bitcoins.

Over the weekend, cryptocurrencies collectively flash crashed, with most cryptocurrencies falling by more than double digits. Bitcoin briefly fell below $35,000 and Ethereum ETH -1.94% briefly fell below $2,400.

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Bitcoin has fallen 25% so far this year, and El Salvador may have been “stuck”.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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