El Salvador bought an additional 500 BTC as the price fell below $30,000

In the early hours of May 10, Bitcoin’s price briefly dipped below $30,000. At one point it fell to $29,731 (Bitstamp).

The dip occurred amid rising trading volumes.

Against this backdrop, El Salvador’s President Nayib Bukele said the government had bought an additional 500 BTC at an average price of about $30,744.

El Salvador just bought the dip! 🇸🇻

500 coins at an average USD price of ~$30,744 🥳#Bitcoin

— Nayib Bukele (@nayibbukele) May 9, 2022

At the time of writing, Bitcoin’s price had recovered to around $32,500, retracing part of the May 9 drop. In the last 24 hours, prices have fallen 3.3%. All the largest-cap assets remain in the red, with the exception of some stablecoins (CoinGecko).

El Salvador first began buying Bitcoin on the eve of the cryptocurrency legalization in the country in September 2021. Authorities set up for this a special $150 million fund.

By the end of September, the government used the price drop to $45,000 to additionally acquire 150 BTC, bringing total reserves to 700 BTC.

During the price drop in November, another 100 BTC were bought.

In January, amid a market correction, acquired 410 BTC. The average purchase price was $36,585.

As noted, according to a representative survey by the American National Bureau of Economic Research, after Bitcoin’s legalization its adoption in El Salvador did not become widespread. 60% of those who downloaded the state crypto wallet Chivo did not use it after receiving the $30 registration bonus.

The main provider of technical solutions for the app, the Bitso exchange, said that Chivo has achieved great success.