9 months ago
El Salvador Boosts Bitcoin Reserves Amid Market Dip
El Salvador, the first country to adopt Bitcoin as legal tender, bought a lot of Bitcoin when its price dropped.
This increased their total Bitcoin holdings to over 7000.
Bitcoin's price went down because investors are worried about risks and other markets are unstable.
El Salvador bought Bitcoin worth nearly $100 million in a single day
The country's total Bitcoin holdings increased to 7474.37 BTC
President Nayib Bukele announced the purchase on social media
Bitcoin's price dropped below $90,000 for the first time in seven months
El Salvador adopted Bitcoin as legal tender in June 2021
- Who
- El Salvador, led by President Nayib Bukele
- What
- Bought Bitcoin
- Where
- In El Salvador
- When
- Over the past seven days, with a significant purchase on Monday
- Why
- To increase its Bitcoin reserves
Supporters of El Salvador's Bitcoin Strategy
Critics of El Salvador's Bitcoin Strategy
Bitcoin Price Fluctuation
Supporters of El Salvador's Bitcoin Strategy
See opportunities in price drops to accumulate more Bitcoin
Critics of El Salvador's Bitcoin Strategy
Worry about the volatility and potential losses when prices drop
Key facts
- Total Bitcoin Holdings
- 7474.37 BTC
- Bitcoin Reserve Worth
- Bitcoin Price at Purchase
- < $90,000
- Bitcoin's Peak Price
- > $126,000 in October 2022
- Bitcoin's Current Price
- < $90,000
Quotes
President Nayib Bukele
President of El Salvador
“We bought $100 million in one day, increasing our holdings by about 17%. We are buying on these dips.”
CNBC TV 18
Michael Saylor
CEO of MicroStrategy, a company that has been adding Bitcoin to its treasury
“I think the price could reach $200,000 by 2026 and potentially hit $1 million within four to eight years.”
CNBC TV 18
