El Salvador Buys Bitcoin Dip, Adding 500 Coins to Holdings

A pedestrian walks by a cellphone accessories shop that accepts Bitcoin in the Historical Center of San Salvador, El Salvador, on Thursday, Sept. 30, 2021. The government's new digital wallet, called Chivo, was designed to facilitate Bitcoin transactions, but the ease with which users can top up their balances and switch instantly between dollars and tiny, fractional amounts of the cryptocurrency makes it a perfect tool for speculation. , Bloomberg

Michael McDonald, Bloomberg News

May 9, 2022

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(Bloomberg) -- El Salvador’s government bought 500 Bitcoins on Monday, in its largest purchase to date of the cryptocurrency. A wider markets rout has driven Bitcoin’s price below $31,000 for the first time since July 2021. 

The government bought the coins at an average price of $30,744, President Nayib Bukele said on Twitter. The government has purchased 2,301 Bitcoins since making it legal tender in September last year, according to data tracked by Bloomberg. 

(Adds table showing Bukele’s announced Bitcoin purchases)

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