CryptoCurrency News - July 1, 2022

The government of El Salvador purchased 80 BTC amid the cryptocurrency market crash. The country spent over $1.5 million to acquire the assets.

  • El Salvador made the headlines last year, becoming the first nation to make bitcoin legal tender inside its borders.
  • Apart from its entrance into the ecosystem, the Central American country has also been purchasing BTC, most frequently during price drops.
  • In a recent tweet, President Nayib Bukele announced that the country used the ongoing collapse to increase its crypto stash with additional 80 bitcoins. The amount was bought at a price of $19,000 per coin, meaning that El Salvador spent a little over $1.5 million.
  • Similar to his previous statements, Bukele described the primary cryptocurrency as the future, appreciating its current low USD valuation now.
  • Adding the latest purchase to the equation, it means that El Salvador now has a total of 2,381 BTC. To acquire the amount over the past several months, the country paid over $105 million. However, due to the current drawback, the nation now sits on nearly $60 million in unrealized losses.
  • Not long ago, the Finance Minister Alejandro Zelaya maintained that the adverse conditions are unlikely to hurt El Salvador’s fiscal health:

“When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile. The fiscal risk is extremely minimal.”

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