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El Salvador Fuels A Bitcoin Spike By Being An Active Buyer During The Recent Dip

Bitcoin, the world’s most in-demand cryptocurrency, had been experiencing a correction in recent days after racing to new all-time highs but all of that changed early Thursday morning when news broke that El Salvador was busy buying the dip. Bitcoin quickly regained some of its recent losses and at the time of this article’s publication has reached a valuation of $60,953. 

By Andrew Senior
October 28th, 2021

El Salvador’s President Nayib Bukele sent out a Tweet on October 27th at 3:30 PM announcing the purchase of 420 new Bitcoins for the country at an average of about $60,000 equating to a $25 million dollar purchase;

Last September, El Salvador became the world’s first country in the world to pass laws adopting Bitcoin as a form of legal tender. Now the nation has been an active buyer of the cryptocurrency most see as the new digital gold. Since Bukele announced the first purchase of Bitcoin by El Salvador on September 6th, the country has purchased a total of 1,100 Bitcoins with a total holdings of 1,120 Bitcoins worth a bit more than $66 million at the current valuation. 

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