El Salvador Buys the Dip Again, Now Owns 700 BTC

September 22, 2021, 10:45 AM AEST - 3 weeks ago

For the third time this month, El Salvador’s President Nayib Bukele has “bought the dip”, adding another 150 bitcoins to the Central American republic’s stash of 550.

The bitcoin price was around US$45,700 at the time of Bukele’s tweet announcing the latest purchase, down from earlier highs near US$50,000. “They can never beat you if you buy the dips,” Bukele told the El Salvadorean media.

El Salvador Starts With 200 BTC, Adds 500 More

On September 6, the day before bitcoin officially became legal tender in El Salvador, Bukele announced his government had bought 200 BTC, adding to its initial reserve of 200. Thus El Salvador became the first country in the world to publicly put bitcoin on its balance sheet.

After bitcoin was declared legal tender in El Salvador the next day, its price declined from around US$51,000 to $43,000 and Bukele announced that El Salvador had again bought the dip. That bumped up the country’s total bitcoin reserves from 400 to 550 BTC.

The latest purchase on September 20 took El Salvador’s bitcoin reserves to 700 BTC, with the price at US$40,683 at the time of writing.

After El Salvador, among interested second nations to publicly adopt bitcoin and flag bitcoin mining are Laos and Ukraine. Bitcoiners are watching and waiting to see who will be next to adopt bitcoin as nations opt to either compete or be left behind.

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