Salvadoran President Nayib Bukele reportedly made further accumulation in the recent market dip, making an investment of over $5 million into Bitcoin as the price fell below $54,000 on November 26th.
Specifically, as disclosed via a Twitter post on November 26th, El Salvador’s president reportedly revealed his action of accumulating an extra 100 Bitcoin (BTC), after a worldwide market sell-off in response to the newly surfaced variant of the global pandemic in Africa.
Per insights generated by Cointelegraph Markets Pro, since hitting an all-time price of $69,000 on Nov. 10, Bitcoin has experienced a slump of over 20% to reach $54,343 at the time of publication, an 8% drop in under 24 hours.
Bukele initially disclosed details of El Salvador’s decision to carry out a significant buy of BTC on the eve of the country’s Bitcoin Law officially enacted back in Sept. 7, purchasing 200 BTC when the price was approximately $52,000.
He reportedly made a Twitter post every time the national authority made a buy of the coin during the dip, with the nation holding 1,120 BTC prior to the most recent purchase.
Via accumulating an extra 100 coins on Nov. 26, El Salvador holds BTC worth approximately $66.3 million at the time of publication.
Since first revealing regulation with a goal of turning Bitcoin into a legal tender in El Salvador in June, Bukele has reportedly put up proposals for numerous projects across the nation, regarding adoption and mining.
The government has reportedly initiated the construction for the infrastructure to facilitate the state-issued Bitcoin wallet, Chivo, and has disclosed details regarding its plan for introducing the self-developed Bitcoin City at the base of a volcano, financially supported by $1 billion in Bitcoin bonds.
