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.
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
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 briefly fell below $2,400.
Bitcoin has fallen 25% so far this year, and El Salvador may have been “stuck”.