Bukele announced that El Salvador bought another 420 Bitcoin in dip

The recent purchase brought the Latin American country’s stash to 1,120 BTC.

Bukele announced that El Salvador bought another 420 Bitcoin in dip

El Salvador president Nayib Bukele tweeted earlier on Thursday that his government has taken benefit of the recently Bitcoin dip by buying an additional 420 BTC to the nation's stash.

"it was a long wait, but worth it," Bukele tweeted, "We just bought the dip!"

Bukele added in a sub-tweet, "We're already making a profit off the #bitcoin we just bought." At that time between the tweets, the country's value increased by around 0.4% or 100,000.

Many onlookers online have speculated on the significance of EL Salvador buying 420 BTC specifically, which is a popular slang term. Numerous spectators online have estimated the meaning of El Salvador buying 420 BTC explicitly, which is a famous slang term for marijuana consumption.

The value of 420 BTC is around $24.6 million. The purchase brings the nation's total amount of Bitcoin is 1,120 BTC, which is worth around $87.4 million. The country has been estimated on an average buying of just above price $53,300.

El Salvador first purchased two batches of 200 BTC on 6th Sep, this year, snatching up another batch of 150 BTC  a day after that when it additionally turned into the world make Bitcoin legal tender. On Sept. 19 El Salvador purchased another 260 BTC, Which brought the nation's total holdings to 700 BTC.

However, other observers were less positive about their recently purchased, expressing worries over the security of the country's Bitcoin holding.

El Salvador Central Bank Chief Douglas Rodriguez told Bloomberg recently this month that the Latin American nation kept on investing under the assumption that Bitcoin will soon lose its status as a speculative asset and become a valid payment system.

"We don't see any risks, Maybe upside risks”, Rodriguez said, adding that “Bitcoin will become a payment system, a framework for financial inclusion.”

The price of Bitcoin has recently taken a descending turn at $58,570 in the wake of hitting a record-breaking high of $66,976 earlier this month. Despite the dip, the cryptocurrency is still up about 20% since Sept. 7.

Read: $3,400 worth of SHIB bought on last August now worth $1.55 billion

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