El Salvador buys dip and adds 80 bitcoins to its portfolio at $19,000

The recent purchase brought El Salvador's total bitcoin holdings to 2,381 BTC. The government of El Salvador bought 80 bitcoins just as the cryptocurrency market crashed, as the country spent more than $1.5 million to acquire bitcoins. El Salvador made headlines last year, as it became the first country to introduce legal bitcoin within its borders. Regardless of its entry into the bitcoin ecosystem, the Central American country has been buying bitcoin and adding it to its treasury as well, often while prices are dropping. In a recent tweet, President Nayib Bukele announced that the country used the ongoing crash to increase its bitcoin stockpile and recently added an additional 80 bitcoins.

https://twitter.com/nayibbukele/status/1542672286490271744?s=20&t=q83hGMlTczTaqeG5uwg_Jw

Bitcoin was bought at $19,000 per coin, which means El Salvador spent just over $1.5 million. Similar to his previous statements, Bukele described the underlying cryptocurrency as the future. Adding the last purchase into the equation, it means that El Salvador now has a total of 2,381 bitcoins. The country paid over $105 million for this number of bitcoins. However, due to the current decline in the crypto market, El Salvador suffers from unrealized losses estimated at $60 million. Not long ago, Finance Minister Alejandro Zelaya emphasized that adverse conditions were unlikely to harm El Salvador's financial health, stating:

"When they tell me that the financial risk to El Salvador because of Bitcoin is really high, the only thing I can do is smile. The fiscal risks of Bitcoin to El Salvador are minimal."