El Salvador Buys Another 500 Bitcoins as Price Drops Below $31,000 USD

El Salvador 500 BTC

El Salvador has doubled down on its Bitcoin initiative, making the country’s largest purchase to date as the cryptocurrency sees a significant plummet in price over the past week. On Tuesday, El Salvador president Nayib Bukele announced via Twitter that the country has now acquired another 500 Bitcoins at an average price of $30,744 USD, marking a new low in purchase price for the Central American country which now owns 2,301 BTC.

At current prices, the number equates to roughly $72 million USD, which was accumulated over a series of 10 separate purchases since the nation introduced Bitcoin as legal tender back in September last year. Last October, El Salvador made its most expensive purchase yet, buying 420 BTC at an average cost of $58,800 USD, but the cryptocurrency has since dropped by more than 50% in value since its all-time high back in 2021. Bukele continues to take advantage of the dip, trusting that prices will rise once again.

Back in February, the country also reported a 30% increase in tourism following its adoption of Bitcoin as an official currency. Most of the increase came from American tourists who have also reportedly been spending more during their trips to El Salvador. The country’s Ministry of Tourism originally estimated that profits from adopting Bitcoin alone would reach $800,000 USD, but figures now show numbers closer to $1.4 million USD.

Source: hypebeast.com

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