El Salvador Calls Another Bitcoin Dip With $25 Million Purchase

El Salvador has once again deepened its bitcoin bet with another purchase. The sovereign nation had made history as the first to officially implement bitcoin as a legal tender back in September. To mark the historical moment, President Nayik Bukele had announced that the country had bought 200 bitcoins. A promise to purchase more followed the purchased and the country had kept to that promise. The country had purchased an additional 250 bitcoins after this. The third buy-in in September brought the total of El Salvador’s holdings to 700 coins. At each of these stages, President Nayib Bukele has referred to the purchases as ‘buying the dip.’ These have proven to be the case as the country of El Salvador is currently in profit with its BTC holdings. El Salvador Buys 420 BTC Since the price of bitcoin hit a new peak in October, the value of the asset had been on a downtrend. A number of small dips had seen the price pushed below $60K again. El Salvador has taken this as an opportunity to increase its BTC holdings while the broader market is more conservative. In line with the previous sentiment, the president tweeted that the country had once again ‘bought the dip.’ Related Reading | Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices A follow-up tweet from the president hours later confirmed that the country was now in profit from its recently purchased bitcoins. This is because the purchase had been made...