El Salvador invests over $25m in Bitcoin dip

·1 min read

El Salvador president, Nayib Bukele, announced that his country has invested in a further 420 Bitcoin (BTC) in the current dip.

The investment, worth more than $25m, brings the total number of coins in the national reserve to 1,120 BTC.

The announcement, made in a tweet, that El Salvador had invested in the ongoing BTC dip comes despite widespread criticism within the nation over the use of BTC nationwide.

It seems that the purchase was made at the ideal moment, in the depth of the dip. Bukele later tweeted that “we’re already making a profit of the [BTC] we just bought”.

BTC has seen a reversal in fortunes from its all-time high of $67,000. Price has dropped below the psychologically important floor of $60,000, falling as low as $58,000 overnight. However, the market still seems bullish, validating El Salvador’s decision to invest in the dip.

El Salvador made headlines earlier this year when it became the only nation to adopt BTC as a national form of currency. However, adoption has not been universally popular, with many protests concerned about the inflationary risk and instability.

Money made from previous investments in El Salvador has gone towards national infrastructure projects. Most recently President Bukele invested in a veterinary hospital capable of dealing with 400 appointments a day.

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