El Salvador's President Declares That His Country Bought Bitcoin Dips

"El Salvador just purchased 410 Bitcoin (BTC) for only $15 million," the country's president tweeted.


Even in its roughest waters, El Salvador as a whole is riding the cryptocurrency wave.


The Central American country, which was the first in the world to accept bitcoin as legal tender, has "bought the dip" once more, purchasing 410 bitcoin (roughly $14.8 million), according to its president on Friday.


"I think I might have missed [sic] the dip this time," the country's 40-year-old President Nayib Bukele tweeted on Jan. 14 on his Twitter (TWTR) - Get Twitter, Inc. Report account.



Bukele wrote a week later that he "didn't miss it" and that his country "just bought 410 bitcoin for only $15 million."


The tweet quickly went viral, garnering nearly 20,000 likes within an hour of being posted. Bitcoin, which almost reached $70,000 in November, has now lost more than 40% of its value.


Given cryptocurrency's overall upward trend (it has increased by 3,873.65 percent in the last five years), many are wondering if now is the time to "buy the dip."


It is unclear what type of funds, whether public or private, were used to secure El Salvador's bitcoin, but Bukele is said to have purchased the country's bitcoin using his phone.


The country's embassy did not respond immediately to TheStreet's request for clarification.


Bukele, on the other hand, has been promoting cryptocurrency like no one else — despite the country's GDP of $24.64 billion (the US and China have respective GDPs of $19.48 and $12.238 trillion), the president has talked about building a "Bitcoin City" in the shape of a coin at the foot of a volcano in La Unión's southeastern region.