El Salvador's President Bukele says the country purchased $25 million worth of bitcoin after waiting to 'buy the dip' below $60,000

It was worth the wait. We have just purchased the dip! On Wednesday, Nayib Buukele, President El Salvador stated.

El Salvador purchased 420 bitcoins worth $25 million to bring his total holdings up to 1120 coins.

Bitcoin dropped below $59,000 on Wednesday, a two-week low. Investors cashed in.

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According to President Nayib Bukuele's tweet on Wednesday, El Salvador added another 420 Bitcoins to its official holdings.

Bukele stated that this latest purchase increased his total holdings by 1,120 coins. It was worth the wait. "We just bought the dip!" Bukele stated.

After investors cash in on the record rally of almost $69,000 last week, Bitcoin fell below $59,000 Wednesday. This was after the launch of ProShares' bitcoin futures exchange traded fund.

El Salvador makes a profit from bitcoin because it has a trust holding both cryptocurrency and US dollars. Bukele explained this in a Twitter thread. The government takes the profit in US dollars out of the trust when bitcoin increases in value.

El Salvador bought bitcoin for the first time in September when it purchased 150 coins. Bukele stated in a tweet that "they can't beat you if they buy the dips".

El Salvador was the first country to legalize bitcoin in September.

A bitcoin mining operation was even created by the government. It uses the renewable energy of volcanoes to power scores of computers that solve complex algorithms that enable operators to "mine" bitcoin. This source of energy was announced by the government earlier this month as the first bitcoin mining operation.