Nayib Bukele, President of El Salvador recently announced that the Central American nation has purchased 410 Bitcoins for $15 million. El Salvador has acquired the digital asset several times during market corrections in the past four months.
In September 2021, El Salvador accepted Bitcoin as a legal tender. El Salvador has expanded its Bitcoin portfolio despite regional challenges and criticisms from international financial institutions such as the IMF and World Bank.
“I was wrong, didn’t miss the Bitcoin dip.” El Salvador just purchased 410 BTC for only $15 million,” Bukele tweeted on Friday. El Salvador announced in December 2017 the purchase of 21 BTC. This country is well-known for its technological-driven economic approach and supported foreign investments in crypto.
El Salvador declared tax exemptions for foreign investors after the acceptance of BTC in the country’s legal tender. The nation’s Chivo crypto wallet saw a significant increase in adoption due to El Salvador’s recent actions.