News from El Salvador has indicated that the Central American country has expanded its holdings in the flagship crypto asset with new 420 BTC units purchased during the dip.
In a tweet yesterday, El Salvador President Nayib Bukele disclosed that his government had taken advantage of the recent dip in Bitcoin price buying more of the digital gold. He added that the country had already started making gains on the purchase they made.
His tweet revealed that the government has a designated Trust fund funded by USD and BTC. So, whenever Bitcoin makes gains, the profit would be withdrawn.
This appears like a repeat of its mid-September move when the Central American country bought 150 BTC at the time Bitcoin lost more than $7000 of Its gains. It is equally not different from its Pre-Chivo wallet launch purchase of 200 BTC at $51,000, which apparently would have generated some profit.
Since the country made BTC a legal tender, the president through his Twitter account has revealed the several giant strides the country is taking to ensure the success of the adoption. One such step is incentivization of the use of the country’s official Bitcoin wallet, Chivo, to buy petroleum products.
Apart from this move, available information from the country has also shown that Salvadorans have kept purchasing the crypto king in their bid to hedge against inflation.