El Salvador buys another 500 bitcoins

El Salvador buys another 500 bitcoins at the lowest price the country has ever paid.

The first country to accept bitcoin as legal tender is now using the low value of the currency to grow its portfolio. El Salvador has just placed a large order. President Naib Bukele told his people via tweet that the country bought 500 bitcoins at an average price of $30,774, the lowest price the country has ever bought the currency. This purchase also becomes the largest single transaction in the country for bitcoin. There are now 2,301 bitcoins in El Salvador, worth about 70 million euros.

El Salvador buys another 500 bitcoins

El Salvador has been buying bitcoin continuously since its value began to decline in the fall of 2021. This is the tenth cryptocurrency purchase since bitcoin became legal tender last September. The last acquisition was in January with 410 BTC at an average price of $36,585. Two other small purchases were made in December for about $49,000 each. By November, 100 BTC worth over $54,000 had been purchased. In October it was 420 BTC at an average of $58,800. And last September, four separate purchases priced between $43,000 and $47,000.

at the lowest rate ever paid by a country

El Salvador recognized bitcoin as legal tender in September last year, which was widely welcomed by crypto enthusiasts around the world, but relatively unwelcome to the people of the country itself. The International Monetary Fund (IMF) even asked the country to cancel this legalization, citing financial stability and user protection as the main risks. However, a few days later, Finance Minister Alejandro Celaya expressed dissatisfaction with the IMF request and made it clear that the country would not sag.

Today the situation in El Salvador is rather unstable. His Bitcoin City project continues to be delayed for various reasons, but several reports indicate that there are not many investors. Moreover, the 24% yield on its conventional debt suggests a relatively high risk of default.