Nayib Bukele Says 'We Bought The Other Dip' As El Salvador Loads Up On Gold And Bitcoin

El Salvador bought dips successful some Bitcoin (CRYPTO: BTC) and golden connected Thursday, doubling down connected its unsocial strategy of gathering reserves successful some assets simultaneously.

El Salvador’s Central Reserve Bank said it purchased 9,298 ounces of golden worthy $50 million, boosting full reserves to 67,403 ounces valued astatine $360 million.

The Banco Central de Reserva said that the acquisition consolidates its “long-term equity” and helps support a “prudent balance” successful the creation of its overseas reserves.

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President Nayib Bukele cheered the purchase, writing, “We conscionable bought this different dip.”

We conscionable bought this different dip 😂 https://t.co/8CClH0GSYN

The golden acquisition coincided with the country’s ongoing accumulation of Bitcoin. Data from El Salvador’s National Bitcoin Office showed 1 BTC added to the stockpile connected Thursday, and a full of 7 BTC implicit the past week, successful enactment with its “one Bitcoin per day” policy.

The country’s nationalist Bitcoin stockpile has grown to 7,547.37 BTC, worthy $624.24 cardinal astatine existent prices. As of this writing, it is the fifth-largest authorities holder of Bitcoin, according to bitcointreasuries.net, down the U.S., China, and the UK.

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El Salvador became the archetypal state to follow the starring integer plus arsenic its ineligible tender successful 2021 and has continued to adhd much careless of terms swings oregon planetary marketplace volatility.

The International Monetary Fund had asked El Salvador to halt nationalist assemblage Bitcoin purchases as portion of a $1.4 cardinal backing woody earlier this year. While the state tweaked its Bitcoin instrumentality and made the acceptance of Bitcoin voluntary rather than mandatory, it hasn’t stopped its purchases, arsenic the country’s superior currency.

The purchases travel aft some Bitcoin and golden recorded declines. Spot gold’s record-shattering rally reversed, dragging it down 3.97% to $5,158.54 an ounce.

The apex cryptocurrency tumbled beneath $82,000, hitting levels past seen successful April.

Image via Shutterstock

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