El Salvador buys 500 as Bitcoin price plunge towards $30,000

President Nayib Bukele’s El Salvador government has again invested in 500 more Bitcoin as the price of the number one crypto asset continues to spiral down to $30,000.

The president of the Central American country announced in a tweet on Monday. “El Salvador just bought the dip! 500 coins at an average price of $30,744.”

El Salvador buying the dip

Bukele, who revealed previously he makes the Bitcoin purchase for the country with his phone, referred to the purchase as “buying the dip.”
Over time, the young president has been known to buy more Bitcoin whenever its price drops, with intent on collecting as much as possible in profit.

With the recent Bitcoin purchase, El Salvador now owns about 2,301 Bitcoin valued at around $71.3 million if 1 BTC is $31000. The purchase of 500 BTC is the largest purchase by the country since it became the first country to adopt cryptocurrency as legal tender.

This is despite criticism from the International Monetary Fund over risks such related to making Bitcoin as legal tender.

In January, the IMF pushed El Salvador to ditch bitcoin as legal tender. IMF directors “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity, consumer protection, and the associated fiscal contingent liabilities.”

For months the international organization has asked the president to stop the Bitcoin experiment which he has responded to with more and more purchases.

Bitcoin closes 6th consecutive red candle since 2014

On Monday, Bitcoin smashed a tragic record. It closed its 6th consecutive red weekly candle for the first time since 2014.

The number crypto also reached the lowest price point since July of 2021 and is more than 50% below its all-time high. Bitcoin collapsed as low as $31,000 earlier today, wiping $300 million in open interest from the crypto markets within an hour. It now trades even lower at $30,972 at the time of writing.