{"id":236606,"date":"2022-05-10T16:15:07","date_gmt":"2022-05-10T15:15:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=236606"},"modified":"2022-05-10T13:08:26","modified_gmt":"2022-05-10T12:08:26","slug":"el-salvador-buys-the-dip-picks-up-500-btc-worth-roughly-15-5m-for-reserves","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/el-salvador-buys-the-dip-picks-up-500-btc-worth-roughly-15-5m-for-reserves\/","title":{"rendered":"El Salvador buys the dip \u2013 picks up 500 BTC worth roughly $15.5M for reserves"},"content":{"rendered":"<p>El Salvador just added another 500 Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) \u2014 worth roughly $15.5 million \u2014 to its reserves after the world's most popular cryptocurrency fell to almost $30,000 on May 9.<\/p>\n<p>President Nayib Bukele announced that the country had purchased the dip in a tweet, adding another 500 Bitcoin to the government's coffers.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">El Salvador just bought the dip! \ud83c\uddf8\ud83c\uddfb<\/p>\n<p>500 coins at an average USD price of ~$30,744 \ud83e\udd73<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a><\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1523742670044413954?ref_src=twsrc%5Etfw\">May 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>El Salvador has made the largest BTC purchase since adding Bitcoin to its balance sheet in September 2021, the same month it became the first country to accept Bitcoin as legal cash alongside the US dollar.<\/p>\n<p>Bitcoin has dropped more than 8% in the previous 24 hours and is approximately 55% below its all-time high in November 2021.<\/p>\n<p>According to the president's tweet, El Salvador purchased Bitcoin at an average price of $30,744.<\/p>\n<p>The buy is the latest in a run of <a href=\"https:\/\/cryptoslate.com\/el-salvador-purchases-additional-410-bitcoin-for-15-million\/\">BTC purchases<\/a> by President Bukele, who has staked his political future on the success of the country's Bitcoin experiment.<\/p>\n<p>The country's choice to embrace Bitcoin is not without detractors, who have grown in number in recent months.<\/p>\n<p>The International Monetary Fund (IMF) has urged El Salvador to <a href=\"https:\/\/cryptoslate.com\/imf-urges-el-salvador-to-remove-bitcoins-status-as-legal-tender\/\">ditch Bitcoin as legal tender<\/a> in a report published in January.<\/p>\n<p>The IMF's report \u2014 published after bilateral talks with El Salvador \u2014 stressed that the adoption of cryptocurrency &#8220;entails large risks for financial and market integrity, financial stability, and consumer protection. It also can create contingent liabilities.\u201d<\/p>\n<p>Meanwhile, over 75% of the country's citizens were &#8220;skeptical&#8221; of Bitcoin, according to a July 2021 survey by Disruptiva. In September 2021, seven out of 10 El Salvador citizens voted to <a href=\"https:\/\/cryptoslate.com\/7-out-of-10-salvadorans-want-to-repeal-the-new-bitcoin-law\/\">repeal the law<\/a> that made Bitcoin legal tender.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador just added another 500 Bitcoin (BTC) \u2014 worth roughly $15.5 million \u2014 to its reserves after the world&#8217;s most popular cryptocurrency fell to almost $30,000 on May 9. President Nayib Bukele announced that the country had purchased the dip in a tweet, adding another 500 Bitcoin to the government&#8217;s coffers. El Salvador just [&hellip;]<\/p>\n","protected":false},"author":1316,"featured_media":236699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,35372],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>El Salvador buys the dip \u2013 picks up 500 BTC worth roughly $15.5M for reserves<\/title>\n<meta name=\"description\" content=\"El Salvador&#039;s President announced that the country has bought over $15.5 million worth of BTC during the recent downturn\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/el-salvador-buys-the-dip-picks-up-500-btc-worth-roughly-15-5m-for-reserves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Salvador buys the dip \u2013 picks up 500 BTC worth roughly $15.5M for reserves\" \/>\n<meta property=\"og:description\" content=\"El Salvador&#039;s President announced that the country has bought over $15.5 million worth of BTC during the recent downturn\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/el-salvador-buys-the-dip-picks-up-500-btc-worth-roughly-15-5m-for-reserves\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-10T15:15:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-10T12:08:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/05\/image_2022-05-10_170530059.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Anthony Clarke\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthony Clarke\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/el-salvador-buys-the-dip-picks-up-500-btc-worth-roughly-15-5m-for-reserves\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/el-salvador-buys-the-dip-picks-up-500-btc-worth-roughly-15-5m-for-reserves\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/#person\",\"name\":\"Anthony Clarke\",\"url\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/anthony-clarke\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/anthony-clarke-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/anthony-clarke-author-300x300.jpg\",\"caption\":\"Anthony Clarke\"},\"jobTitle\":\"Contributor\",\"description\":\"Anthony Clarke has been involved in the cryptocurrency space as an investor and content writer since 2017. 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