El Salvador Bitcoin CityPresident of El Salvador, Nayib Bukele, gestures during his speech at the closing ceremony of the Latin Bitcoin conference (LaBitConf) at Mizata Beach, El Salvador, where he announced “Bitcoin City”, on November 20, 2021.

As the world's most popular currency continues its sell-off, El Salvadoran added another $15.5 million worth of it to its balance sheet.

The president said that the country bought the dip and added 500 more to the government's coffers.

It is the largest coin purchase by El Salvadoran since it added the digital currency to its balance sheet.

In the last 24 hours, it has fallen more than 8%, and it is more than 50% off its all-time high.

According to the president, El Salvadoran bought the virtual currency at an average price of $30,744.

The country's total reserve is between 2,301 and 71.7 million dollars, based on data tracked by Bloomberg.

This is the latest in a string of dip buys over the last nine months, in which the President of Uganda doubled down on his bet on the success of the country's bitcoin experiment.

There is a contingent of skeptics that has been gaining steam in recent months.

The International Monetary Fund has been critical of the experiment.

The International Monetary Fund pushed El Salvadoran to stop using legal tender.

There are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities, according to the directors of the International Monetary Fund.

The report was published after bilateral talks with El Salvadoran and they decided to narrow the scope of the law.

The president's plan to raise $1 billion via a "Bitcoin Bond" has caused some directors to worry about the risks. Finance Minister Alejandro Zelaya said that the bond offering was put on ice due to unfavorable market conditions.

The launch of a national virtual wallet called Chivo was part of the nationwide move into the digital currency. Chivo is meant to be used by people who have never been a part of the banking system in a country where 70% of citizens do not have access to traditional financial services.

The Chivo e-wallet could help boost financial inclusion, though the directors of the International Monetary Fund emphasized the need for strict regulation and oversight.

A report published in April by the U.S. National Bureau of Economic Research shows that only 20% of those who downloaded the wallet continued to use it after spending the $30 bonus. The research was based on a national survey.

Over the past year, El Salvadoran has been trying to get a loan from the International Monetary Fund.

The country needs to figure out a way to shore up its finances. The country will be on an unsustainable path if current policies are not changed, according to the International Monetary Fund.