The country had bought 400 BTC in anticipation of the implementation of its Bitcoin law.
El Salvador took advantage of the downward trend in Bitcoin price to increase its holdings of BTC, President Nayib Bukele tweeted on Monday morning.
According to the Salvadoran leader, the country bought an additional 150 BTC as a result of a bitcoin retracement, reducing the value of the currency to $ 45,000 against the US dollar. “We just bought the dip. 150 new coins! El Salvador now has 700,” President Bukele said on Twitter. “They’ll never hit you if you buy the sauces,” he added. At the current value of Bitcoin of $ 45,220, the additional cryptocurrency is worth around $ 6.78 million.
This is the second time the Central American nation has made an fall purchase after September 7th. Incidentally, El Salvador’s first purchase of 150 bitcoins came on the day the country made history as the first sovereign country to convert bitcoin into legal tender. On that occasion, the price of Bitcoin plunged nearly 20%, from highs of $ 52,945 to lows of $ 42,830. Since then, the benchmark cryptocurrency had seen another spike to test resistance around $ 48,825 ahead of recent bearish action.
Court investigates BTC purchases The most recent BTC takeover of El Salvador as part of the Bitcoin implementation came days after the country’s audit office announced it was investigating
the purchases and ATM kiosk construction amid protests and complaints against Bitcoin law. Reuters reported on Friday that the Cristosal human rights group had filed a complaint with the Court of Auditors and requested an audit of the process that led to the purchase of the cryptocurrency.
The case has yet to be heard, but it adds to the challenges and criticism El Salvador faces in its attempt to make its historic movement a success.