El Salvador has taken advantage of the recent devaluation of the crypto market to buy more bitcoins. According to the country’s president, Nayib Bukele, 80 units of the crypto asset were purchased.
El Salvador paid about US$1.5 million to purchase bitcoins, with a price tag of US$19,000. Nayib Bukele announced the acquisition via Twitter.
In the post on the social network, he says that “bitcoin is the future”. In addition to the message about the crypto asset, the president of El Salvador released a report of the purchase transactions.
The 80 units of bitcoin were purchased through 40 transactions. All transactions were made on June 30, 2022, at which time bitcoin was priced at around US$19,000.
This is not El Salvador’s first bitcoin purchase. Since last year, the country has been accumulating crypto asset. In May 2022 alone, the country bought 500 units.
At that time, bitcoin was quoted at around US$30,000. In other words, in the transaction of 500 bitcoins, El Salvador paid the equivalent of US$15.3 million for the digital currencies.
Although the devaluation of the crypto market benefited El Salvador’s latest acquisition, the drop in bitcoin price has reduced the country’s crypto asset reserve.
Currently, El Salvador’s bitcoin reserve has accumulated a depreciation of 55.03%. Since September 2021, Bukele has authorized the purchase of 2,300 bitcoins, paying US$103.9 million for it.
So now El Salvador’s bitcoin balance is worth only US$46.6 million after the crypto asset faced a significant market devaluation in recent months.