El Salvador buys another 410 Bitcoin as prices reach below $36K

El Salvador has added 410 BTC to its central bank as BTC values fall below $37,000, the lowest point since July 26, 2021.
El Salvador has added 410 BTC to its central bank as BTC values fall below $37,000, the lowest point since July 26, 2021.

El Salvador, the Central American country that has adopted Bitcoin (BTC) as legal tender, has added 410 BTC to its central bank as BTC values fall below $37,000, the lowest point since July 26, 2021.

President Nayib Bukele on Twitter revealed the latest addition to El Salvador’s BTC reserve, confirming that 410 BTC were purchased for $15 million, putting the price per BTC at around $36,585.

El Salvador grabbed king coin with the cheapest rate

El Salvador approved BTC as legal tender on September 7, 2021, as a way to combat disastrous inflation and the country’s diminishing spending power. Today, the government has strategically collected 1,801 BTC over the last four months, especially when the market experiences a brief price drop.

The country bought 150 Bitcoin in early December when the price dropped below $50,000.

El Salvador’s most recent purchase is the cheapest it’s ever been since the country recognized Bitcoin as a legal tender.

Before this, the country bought roughly the same amount of Bitcoin units (around 420 BTC) by spending around $25 million.

Bitcoin’s roller-coaster ride

With Bitcoin trading just above $36,000 and the ensuing sell-off, Bukele believes “some guys are selling really cheap,” bolstering his long-term goal of widespread Bitcoin acceptance.

BTC prices have been steadily rising since mid-July, as seen by statistics from Cointelegraph Markets Pro and TradingView, reaching an all-time high of about $69k on November 10, 2021. However, market values fell over the next three months as investors diverted their BTC profits to other tokens.

According to a new forecast from Crypto.com, the global crypto industry will have one billion users by the end of 2022, as more developing countries follow El Salvador’s lead and accept BTC. 

The BTC price fell to the $34,000 zone for a brief moment before bouncing back to the $35,000 region, leading to massive fear floating. It would be adventurous to see where Bitcoin moves from here.