El Salvador Buys $15 Million Worth of Bitcoin as Market Crashes Again

• El Salvador has purchased an additional $15 million worth of Bitcoin after the latest decline in the cryptocurrency market

• Bitcoin crashed below $36,000 on Saturday morning, reaching its lowest position in over 6 months

• The Central American country’s total holding stands at 1,801 BTC, worth about $66 million in today’s market

Since becoming the first country to adopt Bitcoin as its Legal tender, El Salvador led by President Nayib Bukele has been steadily accumulating the flagship cryptocurrency with every dip.

Following the latest market crash, Bukele has disclosed that the country has dipped into its treasury to heavily invest in Bitcoin once again, with the latest purchase worth $15 million.

His Twitter announcement revealed that the said amount was enough to purchase, 410 bitcoin, taking El Salvador’s total holdings of the crypto asset to at least 1,801 Bitcoin, worth $66 million in today’s market.
Bukele who refers to himself as the CEO of the country rather than the president has expressed his support for the cryptocurrency over fiat several times. In a recent tweet from the maximalist, he claimed that if bitcoin manages to upgrade El Salvador’s economy, then “it’s game over for FIAT”.

Read also: Opera Launches World’s First Crypto Browser

Bitcoin is currency at its lowest point in more than 6 months after a market crash on Saturday morning sent the price of the asset to $35,593, a decline of more than 17%.

Other cryptocurrencies are not left out, with Ether down by 14.2%, BNB (18.3%), and Cardano (15.8%).
At the time of this report, the global market cap of cryptocurrency stands $1.63 trillion, down 11.7% in the past 24 hours, according to data from CoinMarketCap.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news.