President Nayib Bukele said El Salvador bought an additional 500 BTC on Monday
The Central American Jurisdiction previously approved Bitcoin as legal tender in 2021
Justin Sun’s Tron DAO Reserve also purchased 500 BTC during Monday’s market tumble
The massive buy could be earmarked for Tron’s USDD algorithmic stablecoin reserve
El Salvador announced a massive 500 Bitocin purchase on Monday (May 9, 2022) as the cryptocurrency market took a nosedive.
President Nayib Bukele disclosed the huge BTC acquisition via a tweet revealing that the country spent an estimated $15,372,000 in a bid to bolster state coffers and supposedly reinforce belief in the world’s leading cryptocurrency.
The Central American jurisdiction has become somewhat synonymous with the top digital token since President Bukele announced the Bitcoin bill back in 2021. The legislature eventually approved BTC as legal tender later in November that year.
Despite stiff opposition from the International Monetary Fund (IMF) and the US government, President Nayib Bukele has continued to defend the country’s decision to adopt crypto on a national scale.
Notably, El Salvador’s big buy complimented the popular ‘buy the dip’ narrative that promotes purchasing crypto tokens when the markets are down. On Monday, Bitcoin prices were reportedly more than 50% below all-time high levels, and altcoins also showed significant downtrends. In addition, Monday marked one of the largest liquidations events in crypto history as data from CoinGlass showed that over $1 billion liquidations calls were recorded over a 24-hour period.
Justin Sun’s Tron DAO Reserve Mirrors El Salvador’s 500 Bitcoin Buy
Following President Bukele’s announcement, Tron Blockchain founder Justin Sun revealed that the Tron DAO Reserve also bought 500 BTC tokens, albeit at a slightly high price on Tuesday.