El Salvador Adds 410 Bitcoins to Its Holdings

by in Cryptocurrency News

El Salvador Bitcoin purchase January

The president of El Salvador, Nayib Bukele revealed that the country obtained 410 bitcoins for $15 M. The BTC price was around $36.580 at the time of the purchase.

Related: Nayib Bukele Expects 2 More Countries to Legalize BTC in 2022

It's the lowest price since July 26, 2021.

Earlier, Bukele tweeted that he would probably miss the dip this time. However, he changed his mind, mentioning in the announcement that "Some guys are selling really cheap".

In the last 24 hours, the Bitcoin price dropped by around 9% and currently is about $35.580. The coin's market cap stands at $675 billion. The general crypto market cap dropped to $1.6 trillion.

El Salvador recognized BTC as a legal trader on September 7, 2021. Since then, the country has purchased BTCs several times. According to a report by Bloomberg, with the latest purchase, El Salvador's Bitcoin holdings reached 1801 and their value at the moment is $66 million.

Recently, the government presented a program which will allow small and medium businesses to take crypto-baked loans with low interest rates.