El Salvador's president has strengthened his administration's commitment to bitcoin with the purchase of 500 additional coins, taking that step despite warnings from credit rating agencies that the country may default on a scheduled $800 million debt payment in 2023 and as negotiations with the International Monetary Fund on a new loan package have stalled.
"El Salvador just bought the dip!" Nayib Bukele said Monday on Twitter, adding that the purchase of more than $15.3 million worth of the world's largest cryptocurrency was made at an average per-coin price of $30,744.
That purchase comes at a moment when the price of bitcoin has fallen by more than 50 percent from its record high last November, a drop attributed to Russia's invasion of Ukraine, elevated inflation levels and higher interest rates.
In September 2021, El Salvador became the first country in the world to approve bitcoin as an additional form of legal tender.
With its latest purchase, El Salvador's total reserve of that cryptocurrency amounts to 2,301 bitcoin.