El Salvador’s president, Nayib Bukele, announced on Wednesday that his country has bought the dip in Bitcoin.
On Twitter, Salvadoran president Denis was the first to report that his country had purchased Bitcoin. He added that the nation was “making a profit” of its recent Bitcoin purchase.
It was a long wait, but worth it.
We just bought the dip!
420 new #Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021
El Salvador and Bitcoin
Bukele said it has a trust fund kept in US dollars, which is paid for partly with BTC and partly with dollars. When the bitcoin revaluation compared to the dollar, the country may take out some of its funds while leaving the trust amount “unchanged.”
BTC declined 3% to $58,854.79 over 24 hours. For the week, the apex cryptocurrency has fallen 11%. This means El Salvador’s entire BTC portfolio is now worth $65.92 million.