El Salvador has bought the latest Bitcoin price dip, with the Latin American country purchasing another 300 BTC following the world’s largest cryptocurrency falling to $30,000 on Tuesday.
President Nayib Bukele is determined to build up the country’s crypto reserves, despite criticism from the intentional community.
Most recently, following the drop in the price of Bitcoin, he has added 500 more BTCs to the country’s balance sheet.
Bukele has been taking every opportunity to add Bitcoin to his country’s reserves ever since El Salvador adopted the crypto. However, the latest purchase is the largest in terms of the number of tokens bought by the country.
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President Bukele has pegged his presidential achievements to Bitcoin ever since leading the charge of BTC legalization in his country last year.
The government of El Salvador bought 500 BTCs at around $30,744 each, bringing the total Bitcoin reserve of the country up to 2,301. This is worth just under $72 million at the current BTC/USD rate.
The International Monetary Fund (IMF) have long urged the country’s government to reverse its Bitcoin law and renege on the legalization of the crypto. However, for the time being, El Salvador is continuing to be extremely pro-crypto and its president looks set to continue to double down on Bitcoin.
