El Salvador’s plans to endorse the use of Bitcoin are still strong despite the current market dip. The Central American country has purchased an additional $15 million worth of Bitcoin during the recent dip.
El Salvador made history last year after it became the first country to endorse Bitcoin as legal tender.
El Salvador buys the BTC dip
The president of El Salvador, Nayib Bukele, took to Twitter stating that the country had not missed the recent Bitcoin dip. During the latest dip, the country purchased 410 more Bitcoin valued at around $15 million at the time of purchase.
Before this purchase, Bukele had expressed concerns that the country had missed out on a previous dip where Bitcoin had dropped to around $40K before bouncing back to around $44K. However, El Salvador will be increasing its Bitcoin holdings at an even cheaper price with the recent purchase.
In his recent tweet, Bukele stated, “Nope, I was wrong, I didn’t miss it. El Salvador just bought 410 #bitcoin for only 15 million dollars. Some guys are selling really cheap.”
Thanks to the ongoing price dip, the recent purchase is the largest one the country has ever made. Despite the purchase, El Salvador’s Bitcoin holdings are still in the red zone, given that estimations show the country is down around $20 million in its Bitcoin holdings.
On January 22, Bitcoin made a new downtrend by dropping to the lows of around $35K. The entire cryptocurrency market is mainly in the red zone, with the global crypto market cap falling by double-digit percentages to around $1.69 trillion at the time of writing. Bitcoin is currently 47.9% below its all-time high.
El Salvador’s Bitcoin initiatives
As aforementioned, El Salvador made headlines after becoming the first country to accept Bitcoin as legal tender. Since this move, the country has been investing in several Bitcoin initiatives.
When Bitcoin hit a peak of $69K in November 2021, El Salvador stated that it would use the profits to construct Bitcoin schools that will be used to offer crypto education to Salvadorans. Part of the proceeds also constructed a veterinary hospital in the country’s capital.
El Salvador is also planning to launch a Bitcoin city. The city will be a crypto hub that will attract firms offering crypto-related services. The city will be powered by geothermal energy from a volcano. The country has also noted it will launch a Bitcoin mining facility powered by a volcano.
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