El Salvador takes advantage of fall in bitcoin and acquires another $25 million in BTC

The government of El Salvador took advantage of the cryptocurrency’s fall, which fell below US$ 60,000 yesterday for a brief period (Image: Pixabay/jorono)

Yesterday (27), the president of El Salvador, Nayib Bukele, said that the government bought another 420 bitcoins (BTC), bringing the total acquired to 1,120 BTC.

The recent acquisition is valued at $24.7 million, at the price at the time it was announced, according to market data from TradingView.

At the time of The Block’s news release, the cryptocurrency was trading on Coinbase at US$58,900, according to TradingView.

However, at the time this news was published, bitcoin was quoted at US$ 61,200, which brings the acquisition of the Salvadoran country to US$ 25.7 million.

The purchase announced yesterday was made more than a month after Bukele announced the acquisition of 150 BTC, in addition to the 550 BTC acquired previously. “We just bought it in the fall!” Bukele wrote yesterday in a tweet similar to the one he shared on the September 20 purchase.

Bitcoin became a currency in El Salvador on September 7 this year, after the passing the law, reported in June.

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