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El Salvador Buys The Dip, Purchases 410 More BTC Amid Market Decline

El Salvador allegedly purchased four hundred and ten more bitcoins for fifteen million dollars Friday, according to a recent tweet by the nation’s President Nayib Bukele.

In his tweet, he mentioned,

“Some guys are selling really cheap.”

It is arduous to verify such statements on the public blockchain, since a purchaser of a block of Bitcoin that size would almost unquestionably have to purchase it in smaller chunks to keep away from the slippage issue.

Bitcoin was down about twelve percent late Friday to the 36,500 USD level as broader digital asset prices also retreated.

The country now holds more than fifteen hundred Bitcoins and plans to issue a billion dollars, ten-year bitcoin bond this year.

Bukele has been a consistent dip purchaser over the past couple of months in a sign of credence in the digital asset’s long-term prospects.

It is to be noted that Bitcoin officially became legal tender in El Salvador last September, 3 months after the nation’s legislature passed the Bitcoin Law.

At press time, Bitcoin is changing hands at 34,843 USD a coin, with a 24-hour decline of 9.85% and a market cap of just over 659 Billion USD, as per coinmarketcap.

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