The government of El Salvador took advantage of a recent Bitcoin price drop, with President Nayib Bukele announcing the purchase of another 150 coins that are worth roughly $6.8 million at press time.
Bukele also shared "presidential advice" on Twitter, urging followers to buy the dip.
They can never beat you if you buy the dips.— Nayib Bukele ?? (@nayibbukele) September 20, 2021
Earlier today, the flagship cryptocurrency slipped to $45,135 on the Bitstamp exchange.
The recent sell-off coincided with Hong Kong’s Hang Seng index dropping 4% amid Evergrande contagion fears.
El Salvador now holds 700 coins after the most recent buy. The Central American nation initially purchased 400 coins on Sept. 7, the day it adopted Bitcoin as legal tender. Prior to that, the Congress approved the creation of a $150 million Bitcoin fund.
While giving a major push to crypto adoption, El Salvador’s Bitcoin experiment stirred up a lot of controversy. Disgruntled protestors recently burned a Chivo ATM in San Salvador.