El Salvador adds another $25 million in Bitcoin to its Bitcoin reserve

Şükriye Akdeniz

Oct 28, 2021

El Salvador's president, Nayib Bukele, recently announced that the country has purchased an additional 420 BTC

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El Salvador declared Bitcoin as its legal currency on September 7. El Salvador, a Latin American country, took advantage of the Bitcoin price drop and added 25 million of the leading currency to its current portfolio. El Salvador's President Nayib Bukele announced on Twitter that they had bought 420 new Bitcoins.
In his statement, Bukele said, "It was a long wait, but it was worth it. We bought from the bottom."
1 hour after the announcement, Bukele shared a new post;
“Hahaha, we have already profited from the Bitcoin we just bought,” he said.
With the country's latest purchase, El Salvador's total Bitcoin reserves have reached 1,120 BTC.
When Bukele made his first statement, Bitcoin was hovering around $ 58,400. The average price of the last 420 new Bitcoins purchased has not been officially announced yet. However, El Salvador's previous Bitcoin was realized at lower prices. In a statement, El Salvador stated that 1,120 BTC reserves were purchased at an average price of $53,327.29. Bukele also announced that Bitcoin will allow lower remittance costs for Salvadoran immigrants living abroad to send money to the country.

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