El Salvador purchases additional 80 BTC

El Salvador has made its latest purchase of 80 Bitcoin (BTC) at $19,000 each.

President Nayib Bukele took to Twitter yesterday to announce the news alongside several screenshots of his purchases totalling $1.52m. “Bitcoin is the future. Thank you for selling cheap,” he said.

Prior yesterday’s purchase, unfazed by the drop in BTC value, Bukele’s last BTC buy was on May 9 during a rocky time for the coin.

Bukele has always been a clear and avid supporter of the coin and again took to Twitter to explain he was “buying the dip”. The Central American country acquired 500 coins for %15.3m at $30,744 each.

The El Salvador President’s dedication to BTC poses a huge threat to the country’s fiscal position. The International Monetary Fund (IMF) has warned El Salvador several times to forego its plans with BTC, urging Bukele to remove the coin as its legal tender.

“Crypto-assets can pose significant risks and effective regulatory measures are very important when dealing with them”, it said.

After BTC’s steady decline to levels of $20,000 amid the current ‘crypto crash’,  El Salvador plays a risky game with a lot to lose by investing so much in the coin.

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Updated: 07/01/2022 — 15:00