El Salvador government buys another 410 BTC amid bitcoin depreciation

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President of El Salvador Nayib Bukele announced another purchase of bitcoins. The country’s government bought another 410 BTC when the price of bitcoin dropped to about $36,500.

According to official data, over the past four months, the state has acquired 1,801 BTC. The last cryptocurrency purchase was the cheapest for El Salvador, and its cost was $15 million.

The purchase decision was accepted due to the sharp decline in the price of bitcoin. Over the past few days, the rate of the first cryptocurrency has fallen by 15%, and now the price of BTC ranges from $35,500 to $36,000.

Recall that on September 7 last year, El Salvador recognized bitcoin as legal tender. According to the country’s authorities, this decision should help solve the problem of inflation in the country.

At the beginning of this year, Bukele shared a forecast that by the end of 2022 the price of bitcoin will reach $100,000. In addition, he stated that at least two more countries will accept cryptocurrency as an official means of payment.

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