El Salvador’s pro-bitcoin president updated earlier today that the country has reacted to the recent price crash by purchasing 150 more coins at an average price of just over $48,500.
- It’s safe to say that El Salvador is the most bullish country on bitcoin as it legalized the primary cryptocurrency earlier this year.
- Since then, the president – Nayib Bukele – and his administration have used every opportunity to take further advantage of the opportunities in the market, such as planning to utilize the BTC profits to build schools and a pet hospital.
- Most recently, Bukele announced intentions to build a designated Bitcoin City and buy $500 million more worth of the asset through a special bond.
- Earlier today, Bukele updated that the country has indeed started to accumulate more coins. This purchase of 150 coins came amid BTC’s price crash as the asset dropped below $50,000 for the first time in two months.
- With an average price of $48,670, this means that El Salvador spent $7.3 million to purchase the 150 bitcoins.
- It’s worth noting that bitcoin’s correction continued in the hours after president Bukele announced the latest purchase.
- The cryptocurrency fell to its lowest price since late September of $42,000. Almost altcoins followed suit with massive double-digit price drops as over $600 billion were evaporated from the market cap at one point.
- As of now, BTC has reclaimed some ground and stands close to $48,000, but it’s still 15% down on the day.
Featured Image Courtesy of ForeignPolicy