El Salvador’s Government Buys More Bitcoin as Its Price Drops to $35,149

As the price of bitcoin drops to $35,149, “The entire country of El Salvador is riding the cryptocurrency wave,” reports The Street, “even in its choppiest waters.” The first country in the world to adopt bitcoin as legal tender, the Central American nation just “bought the dip” once again and acquired 410 bitcoin (roughly $14.8 million USD), its president tweeted Friday…. Bitcoin, which nearly topped $70,000 in November, has now lost more than 40% of its value… El Salvador had previously “bought the dip” when, last September, its worth fell by more than 10%… “150 new coins!” Bukele wrote on Twitter. He said that, at the time, the country had a total of 700 bitcoin. The Street also shares an interesting detail on how the bitcoin is purchased: It is not clear what type of funds, be they state or private, were used to secure the bitcoin for El Salvador, but the country’s 40-year-old President Nayib Bukele is said to buy the country’s bitcoin using his phone. The nation’s embassy did not immediately respond to TheStreet’s request for clarification. Read more of this story at Slashdot.