El Salvador bitcoin fund buys 410 BTC amid market correction

Amid a correction in the cryptocurrency market, El Salvador’s government bought 410 BTC. According to President Nayib Bukele, the purchase cost the country $15 million.

Nope, I was wrong, didn’t miss it.

El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳

Some guys are selling really cheap 🤷🏻‍♂️ https://t.co/vEUEzp5UdU

— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022

That means you wasted over $36 500 per #Bitcoin. If you want to make bad bets on #Bitcoin do it with your own money. Why didn’t you include in your tweet how many Bitcoin you HODL, and how much money you have already lost. I warned you not to buy the last dip. Don’t buy the next!

— Peter Schiff (@PeterSchiff) January 21, 2022

“That means you wasted over $36 500 on each Bitcoin. If you want to make bad bets on cryptocurrency, do it with your own money. Why didn’t you indicate how many bitcoins you personally hold and how much money you have already lost? I warned you not to buy the last dip. Don’t buy the next,” he wrote.

Bitcoin is dragging the rest of the market along — all assets in the top 10 by market cap remain in the red. The worst performers were Terra (-22.3%), Polkadot (-18.8%), and Solana (-18%). Ethereum price over the 24 hours fell 12%, to $2,508, according to CoinGecko.

Bitcoin is dragging the rest of the market along — all assets in the top 10 by market cap remain in the red. The worst performers were Terra (-22.3%), Polkadot (-18.8%), and Solana (-18%). Ethereum price over the day fell by 12%, to $2,508, according to CoinGecko.

Earlier, Bukele said that in 2022 the price of digital gold will rise to $100,000.

Back in September 7, 2021, El Salvador’s law recognizing Bitcoin as legal tender, alongside the dollar, came into force.

That same month, the government bought 700 BTC through a specially created fund.

In October, authorities increased their reserves of the first cryptocurrency by another 420 BTC, and the following month bought an additional 100 BTC.

In December, El Salvador bought 21 BTC. According to President Bukele, the country invested in Bitcoin to celebrate “the last 21 days of the 21st year of the 21st century”.

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