El Salvador buys the dip after adding another 150 BTC to holdings
El Salvador’s government, which has recently adopted Bitcoin as official currency, announced on the 20th that it has purchased Bitcoins again, adding another 150 BTC to its holdings. At the time of the purchase, Bitcoin was around $45,000, totaling the purchase amount to $6.75 million.
With this purchase, the total holdings of the El Salvadoran government reached 700 BTC. The announcement was made by El Salvador’s president Nayib Bukele who said they just “bought the dip”.
The Latin American country implemented its Bitcoin law on the 7th of this month which recognized Bitcoin as a legal tender of El Salvador. Before and after the enactment, the government had made two purchases of 200 BTC and another 150 BTC on the 8th.
Although there are several cases of countries holding cryptocurrencies other than El Salvador, it has been the first one to purchase Bitcoins.
According to an on-chain analysis report by Ecoinometrics, governments and listed companies own about 8% of Bitcoin supply.
In addition to El Salvador, Bulgarian and Ukrainian governments hold cryptocurrencies, but their holdings came from criminal investigations and other means. However, El Salvador is the first country to ‘purchase’ it.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow