Crypto News
| Published On May 10, 2022 3:25 am CEST | By Peter Siu

El Salvador Adds 500BTC to Treasury Amid Market Dip

Share

El Salvador continues its dip-buying since it has become the first country in the world last year to make Bitcoin (BTC) legal tender in September of last year.

After having been accumulating coins on multiple previous favorable conditions, El Salvador’s ‘Bitcoin President’, Nayib Bukele, revealed on Monday that the country made its tenth purchase adding another 500 coins of the flagship cryptocurrency to its treasury, worth roughly $15.3 million.

El Salvador’s Bitcoin holdings are an estimated 2,301 coins worth just over $71 million at time of writing.

The country recently postponed its $1 billion Bitcoin bonds offering due to “unfavorable market conditions”. Part of the proceeds will be used to fund the construction of the geothermal powered ‘Bitcoin City’.

5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
Casino

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.