El Salvador is not backing down on its Bitcoin (BTC) adoption, as it continues to add more of the digital asset to its portfolio.
In today’s episode, the Central American nation acquired 150 BTC (~$48,670) just at the point where its price slipped below $50k.
El Salvadoran President Nayib Bukele made the declaration via his personal Twitter handle.
“El Salvador just bought the dip! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳
#Bitcoin🎄,” he tweeted.
El Salvador bought the digital asset when it was trading at $48,670, at that moment, it still fell below that amount.
Bukele jokingly expressed his dissatisfaction and regret at not catching the bottom as at the time it slipped further, he said:
“Missed the f***ing bottom by 7 minutes.”
El Salvador Bitcoin Holdings Total 1,270 BTC ($60.5M)
Notably, the Central American nation announced its first BTC purchase before it introduced a new law to accept it as a legal tender.
El Salvador BTC holdings have now totaled 1,270 BTC (~$60.5M) since its president announced the country’s first purchase on September 6.
El Salvador to Use Bitcoin Profit to Construct Pet Hospital and 20 Bitcoin Schools
El Salvador’s decision on BTC adoption is surely a smart move, as the country is already reaping from its investment.
The Central American nation is now using BTC proceeds to better and develop the country.
Before El Salvador decided to adopt BTC as legal, the country’s Congress approved the establishment of a $150 million Trust fund, which later generated over $4 million in profit.
Coinfomania reported two months ago that the profit is now being used to construct a pet hospital in its local capital of San Salvador.
Meanwhile, a few weeks ago, Bukele announced that the country will be constructing the world’s first “Bitcoin city.”
According to him the Bitcoin City will be powered by a nearby volcano and financed by $1 billion BTC bonds.