El Salvador has doubled its Bitcoin commitments despite a massive sell-off in the cryptocurrency market. According to El Salvador’s president Nayib Bukele, the country has purchased more than 80 Bitcoins.
El Salvador buys Bitcoin down
El Salvador’s President Nayib Bukele announced on Thursday that his country bought 80 more Bitcoins. At the time of writing, BTC is trading at $20,323. It fell to a low of $18,784 shortly before Bukele announced the acquisition. El Salvador bought Bitcoin for $19,000 each, the president said.
Bitcoin prices continue to fall, and the government of El Salvador has been heavily criticized for its cryptocurrency investments. The country made BTC a legal tender alongside the U.S. dollar last September. Since then, it has purchased 2,381 Bitcoins.
Earlier this month, Bukele provided some advice to Bitcoin investors. "Stop looking at the charts and enjoy life. If you invest in BTC, your investment is safe and will grow significantly in value after the bear market. Patience is the key," the president of the Central American country tweeted Specially written.
Furthermore, Finance Minister Alejandro Zelaya recently stated that the “fiscal risk” of Bitcoin investment in El Salvador is “very small”
