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El Salvador Buys 410 BTC Amid Downturn

The President of El Salvador, Nayib Bukele, announced on Friday that he had purchased 410 BTC for $15 million.

Nayib Bukele said on Twitter that it was “very cheap” after Bitcoin fell about 12% to $36,500, along with other crypto prices falling at the same rate.

With these additional purchases, El Salvador now has more than 1,500 BTC, indicating confidence in the long-term growth potential of the cryptocurrency.

El Salvador also plans to issue $1 billion worth of 10-year Bitcoin bonds later this year.

Bitcoin officially became legal tender in El Salvador back in September 2021 after the country’s legislature passed the Bitcoin Law.

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