El Salvador buys the dip again, brings its Bitcoin tally up to 2301 tokens

• El Salvador now has over 2000 Bitcoin in its coffers.
• The country has bought the dip at least twice in the past.
• El Salvador also plans to issue Bitcoin bonds in future.

Buying the dip is sort of the first move a crypto trader learns when they’re getting into the market. So, it’s no surprise that El Salvador, which became the first country to make Bitcoin legal tender last year, has been doing the same.

Amid a heavy sell-off on the crypto market this week, the country expanded its Bitcoin treasury by adding 500 more Bitcoin to its coffers. The purchase brings El Salvador’s total Bitcoin purchase up to 2301 Bitcoin, which is worth approximately $71,209,507.20 based on Bitcoin’s price at the time of writing.

Salvador’s president, Nayib Bukele, announced the purchase on Twitter, just like he has done before. The country bought the Bitcoin at approximately $30,744 and the price was at $30,895 at the time of writing, according to data from Coinmarketcap.
Bukele has made such announcements at least two times in the past, in September and October last year. On those occasions, the country purchased 150 and 420 Bitcoin, respectively.

The current purchase came at a time when the Bitcoin market fell by over 50% over the past week. The price of Bitcoin was down by just under 10% in the last 24 hours and just under 20% in the past seven days. It has fallen by over 25% over the past month.

The country also plans to issue Bitcoin bonds later, though Bukele or anyone else from the administration haven’t confirmed the dates yet. In an interview earlier this month, Alejandro Zelaya, the treasury minister of Salvador, had said that the Russia-Ukraine war is affecting the bond issuance and it is “waiting for the right moment” in order to issue these bonds.


Salvador’s acceptance of Bitcoin as a fiat currency in 2021 has been under much scrutiny, with global bodies like the International Monetary Fund urging the country to rethink its decision. Its Chivo Wallet had also met with early issues, as it struggled to keep up with transactions and users wouldn’t trust Bitcoin.
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