El Salvador’s president, Nayib Bukele, announced that he has added another 500 bitcoins (approximately $15 million) to his holdings after Bitcoin’s steep fall, at an average of $30,744. After this acquisition, the number of bitcoins held by El Salvador exceeded 2300 (approximately $72 million).
El Salvador’s Belief in Bitcoin Continues
El Salvador became the first country to legalize bitcoin in September 2021. Since then, they have steadfastly maintained their views and beliefs about bitcoin. While this adoption was welcomed by many bitcoin investors, it also faced worldwide backlash from the International Monetary Fund (IMF) and some US government officials.
Not only are the country advocating and embracing bitcoin, they are adding bitcoin to their holdings just as they did this fall. It is not yet known whether the government or Nayib Bukele personally buys these bitcoin assets, the total number of which exceeds 2300, and who controls this wallet where the assets are kept.
Investors Also Want to Evaluate and Buy Bitcoin at the Dip
Bitcoin has dropped by almost 12% in the past 24 hours, causing altcoins to experience huge drops as well. While no one could show a clear and definite reason for this fall, most investors preferred to buy at the dip, seeing this fall as an opportunity. While there is a high volatility and uncertain market conditions these days, we will see how bitcoin and other altcoins will follow in the coming days.