El Salvador Buys $15 Million Worth Of Bitcoin ‘Really Cheap,’ President Crows, As Selloff Continues

El Salvador Buys $15 Million Worth Of Bitcoin ‘Really Cheap,’ President Crows, As Selloff Continues

Share to Linkedin El Salvador, the first country to adopt bitcoin as legal tender, purchased 410 bitcoin for $15 million Friday with the currency trading at its lowest point in six months, President Nayib Bukele announced on Twitter. Salvadoran President Nayib Bukele speaks during the inauguration of the ISA World Surfing Games 2021 ... [+] on May 29, 2021 in La Libertad, El Salvador. Bukele, who also bought bitcoin during a dip in September, announced in an emoji-laden tweet Friday that the country had purchased the currency "really cheap." The value of bitcoin continued to decline following Bukele's announcement, reaching a low of $35, 422 before rebounding slightly to $36, 653. 56 Friday evening, down 46. 72% from its high of $68, 789. 63 in November. In September, El Salvador became the first country to adopt bitcoin as legal tender, establishing bitcoin ATMs and requiring businesses to accept the cryptocurrency. Bukele later pledged to build a tax-free Bitcoin City on the Salvadoran coast, to fast-track citizenship for certain blockchain investors and to establish geothermal bitcoin mining facilities that could make the Central American country a global crypto mining hotspot. The U. S. dollar is El Salvador's other official currency. If