El Salvador Purchases 410 More Bitcoins Amid Market Drop, President Bukele Says

El Salvador bought 410 bitcoin (BTC) for $15 million Friday, President Nayib Bukele said on Twitter.

• “Some guys are selling really cheap,” he added in his tweet.

• It is difficult to verify such claims on the public blockchain because a buyer of a block of BTC at that size would almost certainly have to buy it in smaller chunks to avoid slippage.

• Bitcoin was down about 12% late Friday to the $36,500 level as broader crypto prices also retreated.

Nope, I was wrong, didn’t miss it.

El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳

Some guys are selling really cheap 🤷🏻‍♂️ https://t.co/vEUEzp5UdU

— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022

• The nation now holds over 1,500 BTC and plans to issue a $1 billion, 10-year bitcoin bond this year.

• Bukele has been a consistent dip buyer over the past couple of months in a sign of confidence in the cryptocurrency's long-term prospects.

• Bitcoin officially became legal tender in El Salvador in September, three months after the country’s legislature passed the Bitcoin Law.

Read more: El Salvador Plans to Offer Crypto-Based Loans for SMEs

UPDATE (Jan. 22, 2022, 1:06 UTC): Adds bullet point on the difficulty of verifying claims on the public blockchain.