El Salvador President Nayib Bukele announced his country purchased $6.4 million worth of bitcoin after prices of the cryptocurrency fell in September.
El Salvador President Nayib Bukele said his country is buying the dip on bitcoin prices.
Bitcoin prices dropped to the lowest levels in six weeks as fears of the contagion risk posted by Chinese real estate developer Evergrande emerged.
150 coins have a value of approximately $6.4 million in U.S. dollars, and El Salvador’s total bitcoin value, according to its president, would be about $29.7 million USD.
“They can never beat you if you buy the dips,” Bukele later added.
Earlier this year, El Salvador became the first nation in the world to adopt bitcoin as legal currency — El Salvador also uses the U.S. dollar DXY, -0.46% as legal tender.
El Salvadorans are allowed to buy land with bitcoin, pay taxes in bitcoin, and bitcoin ATMs have been sprinkled around the country.
The El Salvador government has urged its citizens to download digital crypto wallets, even offering them $30 worth of bitcoin if they do.
As of Tuesday morning, bitcoin prices were trading at $42,582, and are up 19.6% over the last three months.