El Salvador Purchases 410 More Bitcoins Amid Market Drop, President Bukele Says

Blockonomics is a decentralized and permissionless bitcoin payment solution
El Salvador Purchases 410 More Bitcoins Amid Market Drop, President Bukele Says
Blockonomics is a decentralized and permissionless bitcoin payment solution



El Salvadaor bought 410 bitcoin for $15 million Friday, the country’s President Nayib Bukele said on Twitter.

“Some guys are selling really cheap,” he added in his tweet. It is difficult to verify such claims on the public blockchain, since a buyer of a block of BTC that size would almost certainly have to buy it in smaller chunks to avoid slippage.Bitcoin was down about 12% late Friday to the $36,500 level as broader crypto prices also retreated.

The nation now holds over 1,500 BTC and plans to issue a $1 billion, 10-year bitcoin bond this year.Bukele has been a consistent dip buyer over the past couple of months in a sign of confidence in the cryptocurrency’s long-term prospects.Bitcoin officially became legal tender in El Salvador last September, three months after the country’s legislature passed the Bitcoin Law.

Read more: El Salvador Plans to Offer Crypto-Based Loans for SMEs

HashFlare

UPDATE (Jan. 22, 2022, 1:06 UTC): Adds bullet point on the difficulty of verifying claims on the public blockchain.



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