The authorities of El Salvador have bought another 420 Bitcoins for around $25 million, the country's president Nayib Bukele has said. The purchase has come just as the price of Bitcoin has plummeted. Yesterday the currency fell to $58,000. Bukele has written:
"It was a long wait, but worth it. We just bought the dip!"
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El Salvador currently owns 1,120 BTC valued at more than $66 million. The last time the country's authorities bought Bitcoins was last September 20, when they acquired 150 Bitcoins coinciding with the currency's fall to $45,000.
A law recognizing Bitcoin as legal tender in the country came into force in El Salvador on September 7. On the same day, the country's authorities bought the first 550 Bitcoins.