El Salvador continues to buy the Bitcoin (BTC) downtrend despite the cryptocurrency market experiencing a major crash.
El Salvador’s President Nayves Bukele presentation The Central American country bought an additional 500 BTC with an average purchase price of around $30,744.
“El Salvador just bought a dip!
500 coins at an average USD price of ~$30,744
The country currently has purchased a total of 2,301 bitcoins for $103 million, according to the calculations of Bloomberg. With BTC trading at $29,027 at the time of writing, the treasure is currently worth just $66.9 million.
El Salvador first legalized Bitcoin in September and has been accumulating BTC in its treasury periodically since then.
In response, thousands of people across the country took to the streets to protest the BTC policy and other policies adopted by President Bukele.
The International Monetary Fund (IMF) also criticized the policy in January, recommending that Central American countries withdraw BTC’s official currency status.
International financial institutions say.
“There are significant risks associated with the use of Bitcoin for financial stability, financial soundness, consumer protection and related fiscal contingent liabilities.
Some directors also expressed concern about the risks associated with issuing Bitcoin-backed bonds.”
Bitcoin is down more than 20% in the past week and more than 27% in the last 7 days.
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