Thursday, October 6, 2022
HomeBitcoin NewsEl Salvador adds another 420 bitcoins to its reserves

El Salvador adds another 420 bitcoins to its reserves

El Salvador’s president, Nayib Bukele, announced a new acquisition of 420 bitcoins, about $25 million, for his country’s reserves. The Salvadoran president made the information public through a tweet on his account @nayibbukele.

This would be the buyback announced by Bukele, since the law that made bitcoin legal tender in El Salvador came into force. With this new operation, the reserves of the Central American country amount to 1,120 BTC, about $ 66 million at the current price.

It was a long wait, but it was worth it. We just bought the fall! 420 new Bitcoin, translates Bukele’s tweet, originally published in English. “Buy the dip” is an expression that is used frequently in the bitcoin space, to denote that declines in price are the best times to buy. Bitcoin has corrected 12% after setting a new all-time high of $66,930 per unit, on October 20.

As reported by CriptoNoticias, on September 7, 2021, the date the Bitcoin Law came into effect in El Salvador, President Bukele announced two purchases of 200 BTC each. Subsequently, two other acquisitions for 150 BTC were announced , the most recent, carried out on September 19, also coinciding with a price decline, which took it to $ 45 thousand per BTC. At that time, he accompanied the ad with another tweet where he says: “They can’t beat you if you buy in the dip.”

So far, none of the announcements about bitcoin purchases have been accompanied by more details than the amount of the trades. This has generated criticism for the opacity in the management of Bitcoin reserves within El Salvador.

Recently, a Salvadoran media outlet published an investigation stating that the bitcoin purchases announced by the president are not officially registered in any of the institutions in charge of El Salvador’s monetary policy.

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