We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: El Salvador Buys $15 Million Worth Of Bitcoin ‘Really Cheap,’ President Crows, As Selloff Continues
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
The Tycoon Herald > Business > El Salvador Buys $15 Million Worth Of Bitcoin ‘Really Cheap,’ President Crows, As Selloff Continues
BusinessMoney

El Salvador Buys $15 Million Worth Of Bitcoin ‘Really Cheap,’ President Crows, As Selloff Continues

Tycoon Herald
By Tycoon Herald 3 Min Read
Share
SHARE

Topline

El Salvador, the first country to adopt bitcoin as legal tender, purchased 410 bitcoin for $15 million Friday with the currency trading at its lowest point in six months, President Nayib Bukele announced on Twitter.

Contents
ToplineKey FactsKey BackgroundCrucial QuoteContraFurther Reading

Salvadoran President Nayib Bukele speaks during the inauguration of the ISA World Surfing Games 2021 … [+] on May 29, 2021 in La Libertad, El Salvador.

Rolan Barrientos/APHOTOGRAFIA/Getty Images

Key Facts

Bukele, who also bought bitcoin during a dip in September, announced in an emoji-laden tweet Friday that the country had purchased the currency “really cheap.”

Friday’s purchase brings El Salvador’s total holdings to at least 1,801 bitcoin, currently valued at about $66 million, Bloomberg reported.

The value of bitcoin continued to decline following Bukele’s announcement, reaching a low of $35,422 before rebounding slightly to $36,653.56 Friday evening, down 46.72% from its high of $68,789.63 in November.

Key Background

In September, El Salvador became the first country to adopt bitcoin as legal tender, establishing bitcoin ATMs and requiring businesses to accept the cryptocurrency. Bukele later pledged to build a tax-free Bitcoin City on the Salvadoran coast, to fast-track citizenship for certain blockchain investors and to establish geothermal bitcoin mining facilities that could make the Central American country a global crypto mining hotspot. The U.S. dollar is El Salvador’s other official currency.

Crucial Quote

If adopting bitcoin as currency changes El Salvador’s economy for the better, “it’s game over for FIAT,” tweeted Bukele, who describes himself as “CEO of El Salvador” in his Twitter bio.

Contra

Though it made Bukele a hero in the crypto community, El Salvador’s adoption of bitcoin as legal tender provoked widespread protests by Salvadorans who complained that the decision made things harder on regular people while benefiting big investors. In September, anti-bitcoin protesters hoisted signs and burned tires in front of the Supreme Court building in San Salvador until they were dispersed by heavily armed police, Al Jazeera reported. Meanwhile, El Salvador’s national debt has ballooned to over 50% of its GDP. In July, Moody’s downgraded the nation’s credit rating to Caa1, signifying very high credit risk. El Salvador’s bitcoin trades add to the nation’s credit risk, Moody’s said. El Salvador is seeking a $1.3 billion loan from the International Monetary Fund, which had warned against adopting bitcoin as a national currency.

Further Reading

“El Salvador President Says Bitcoin ‘Really Cheap’ Amid Dip” (Bloomberg)

“Stable Coins Benefit As Bitcoin Falls Below $40,000” (Forbes)

You Might Also Like

Tips on how to Price range Your Money Utilizing Dave Ramsey’s Budgeting Percentages – Dollarsanity

Joseph Safina’s Driven Becomes Amazon Bestseller, Blending High Finance with High Speeds

How To Make A Funds: 12 Simple Methods To Do It (The Full Information) – Dollarsanity

10 Outdated-Normal Cleansing Suggestions from Grandma – Dollarsanity

Fashion Designer Hyeonseo Irene Park: Redefining Menswear Through Originality and Collaboration

TAGGED:MoneyThe Forbes Journal
Share This Article
Facebook Twitter Email Copy Link Print
‘Love Island USA’ Contestants Flooded With Love at Fiji Airport, on Video
Entertainment

‘Love Island USA’ Contestants Flooded With Love at Fiji Airport, on Video

'Love Island USA' Season's Over ... However The Love's Nonetheless In The Air(Port)!!! Printed July 14, 2025 3:45 PM PDT "Love Island USA" could have wrapped, however the sparks are…

By Tycoon Herald 2 Min Read
EU weighs sanctions on Israel as issues mount over Gaza help deal
July 15, 2025
British and Irish Lions: Henry Pollock can add to his ‘highlights reel’ with inclusion in Andy Farrell’s Take a look at aspect
July 15, 2025
Kylie & Kendall Jenner Had been Invited to Brody’s Marriage ceremony Regardless of Not Attending
July 15, 2025
FirstFT: US threatens Russia with ‘severe’ tariffs
July 15, 2025

You Might Also Like

From Pattaya to the World: Bryan Flowers’ Unstoppable Rise as a Global Entrepreneur
BusinessTrending

From Pattaya to the World: Bryan Flowers’ Unstoppable Rise as a Global Entrepreneur

By Tycoon Herald 4 Min Read
Wedding ceremony On A Funds: Get K-Like Wedding ceremony For K or Much less – Dollarsanity
Money

Wedding ceremony On A Funds: Get $30K-Like Wedding ceremony For $5K or Much less – Dollarsanity

By Tycoon Herald 19 Min Read
Astana International Forum 2025: “Connecting Minds, Shaping the Future”
BusinessTrending

Astana International Forum 2025: “Connecting Minds, Shaping the Future”

By Tycoon Herald 3 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Sports

Premier League Predictions & finest bets: Wolves to wobble Liverpool as Jones Is aware of suggestions 9/1 finest guess

Wolves to get a outcome in opposition to Liverpool? Our soccer betting professional Jones Is aware…

By Tycoon Herald
Entertainment

Nicole Kidman Leaves Venice Movie Competition After Mom’s Loss of life

Nicole Kidman's coping with a tragedy within the household ... leaving the Venice Movie Competition abruptly…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?