‘We Just Bought The Dip’: El Salvador President Boasts Of Doubling Down On Bitcoin As Price Drops

‘We Just Bought The Dip’: El Salvador President Boasts Of Doubling Down On Bitcoin As Price Drops

Share to Linkedin As the price of bitcoin tumbled toward its lowest level since August, El Salvador's President Nayib Bukele said Monday his country will continue to "buy the dips" and has expanded its holdings to 700 tokens of the cryptocurrency after a weekend shopping spree. Nayib Bukele, El Salvador's president, waits to speak during the UN General Assembly meeting in New ... [+] York, U. S., on Thursday, Sept. 26, 2019. Hot topics at the event include Iran's responsibility for the Saudi attacks, the unfolding Ukraine controversy, Greta Thunberg's finger-pointing on climate change and the trade war. Photographer: Jeenah Moon/Bloomberg Bukele announced on Twitter his government "bought the dip" and purchased 150 more bitcoin over the weekend, a sum worth roughly $6. 5 million at current exchange rates. He revealed El Salvador's new purchases, which bring its total holdings to 700 coins, early Monday, hours after the price of bitcoin fell from over $48, 000 to under $46, 000. The value of the cryptocurrency continued to sink Monday morning, dropping 10. 7% to $42, 522, its lowest level since the beginning of August. The price had recovered slightly to $43, 850 as of 9. 30 E. T., still 7.