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El Salvador ‘Bought the Dip,’ Acquiring 100 More Bitcoin

El Salvador ‘Bought the Dip,’ Acquiring 100 More Bitcoin

El Salvador President Nayib Bukele said the Central American country had taken advantage the 7.7% decline in Bitcoin on Friday to purchase 100 more of the coins.

“El Salvador just bought the dip,” Bukele wrote on Twitter, almost a week after he announced the nation’s plan to sell $1 billion in tokenized 10-year dollar-denominated bonds. 

El Salvador previously bought a total of 1,100 Bitcoin as of Oct. 27. The country made the cryptocurrency legal tender alongside the dollar from Sept. 7.

Dollar bonds from El Salvador are among the worst-performing in emerging markets so far this month, lagging only defaulted Lebanese debt, according to data compiled from a Bloomberg index. 

The selloff in the bonds came as investors weighed the possibility of higher indebtedness in the Central American nation, as well as rising concern it will not reach a deal with the International Monetary Fund. 

©2021 Bloomberg L.P.