Key Points
- El Salvador's treasury hits more than a couple of thousand Bitcoins
- The Government of El Salvador bought 500 Bitcoins tweets the President
- The Central American country is also planning to make a Bitcoin Bond in order to form a Bitcoin City which is getting delayed due to the Russia- Ukraine War, says Alejandro Zelaya, the treasury minister of Salvador.
El Salvador's President Nayib Bukele has a well established track record of buying Bitcoins when their prices are dipping in the market and recently the Salvadoran government bought 500 BTC which is the largest amount of cryptocurrency they bought till date .
El Salvador just bought the dip! 🇸🇻
— Nayib Bukele (@nayibbukele) May 9, 2022
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
Bukele said that they were able to buy these coins on an average of $30,744 , this happened because the Bitcoin market is experiencing a crash with the BTC prices dipping close to $30,000 from over $67,000.
El Salvador has become the most Bitcoin friendly nation after the legal adoption of Bitcoin in the country last year . The nation is in the process of making a "Bitcoin City" which is going to have all its transactions in cryptocurrencies .
After the recent purchase El Salvador has a total of 2,301 Bitcoins in total .
Previously Salvador's biggest purchase was on January 21 when they bought 410 tokens for an average price of $36,585.
The Central American Nation's first purchase of BTC was on 6th September , 2021 when President Bukele announced that the country bought 200 BTC and it became the first nation to get BTC in its balance sheet.
El Salvador has just bought it’s first 200 coins.
— Nayib Bukele (@nayibbukele) September 6, 2021
Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC🇸🇻
The country has also started making its Bitcoin City for which $1 Billion worth of Bitcoin Bond is being made which will be used half in mining Bitcoin and other half in making of the infrastructure of the city. Currently this process is getting delayed due to the Russia Ukraine War, says Alejandro Zelaya, the treasury minister of Salvador , but it is believed to start later this year only.
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