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El Salvador Buys the Dip Again and Purchases 500 Bitcoin (BTC) Amid Crypto Crash

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El Salvador is continuing to buy the dip on Bitcoin (BTC) even as the crypto markets suffer a major crash.

El Salvadoran President Nayib Bukele recently announced the Central American nation bought an additional 500 BTC at an average purchase price of about $30,744.

“El Salvador just bought the dip!

500 coins at an average USD price of ~$30,744 

Bitcoin.”

The country has now bought a total of 2,301 Bitcoin for $103 million, according to calculations from Bloomberg. With BTC trading at $29,027 at time of writing, that trove is currently worth only $66.9 million.

El Salvador first made Bitcoin legal tender last September and has been periodically accumulating BTC in its treasury since then.

In response, thousands of people in the country have taken to the streets to protest the BTC policy and others adopted by President Bukele.

The International Monetary Fund (IMF) also criticized the policy, recommending in January that the Central American nation rescind BTC’s status as an official currency.

Says the international financial institution,

“There are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities.

Some directors also expressed concern over the risks associated with issuing Bitcoin-backed bonds.”

Bitcoin is down more than 20% in the past week and down more than 27% in the past seven days.

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 5/13/2022

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