El Salvador Buys $15 Million Worth Of Bitcoin ‘Really Cheap,’ President Crows, As Selloff Continues

The president of El Salvadoran announced on his account that the country had purchased 410 of the virtual currency for 15 million dollars.

The inauguration of the World Surfing Games will be held in La Libertad, El Salvadoran.

The photo was taken by Rolan Barrientos.

The country has purchased the currency "really cheap", according to a statement by the country's minister of finance.

The purchase on Friday brings El Salvadorans total holdings to at least 1,801 bitcoin, which is valued at about $66 million.

The value of the digital currency fell to a low of $35,422 before recovering to $36,653.56 Friday evening, down 46.72% from its high of $68,789.63 in November.

In September, El Salvador became the first country in the world to adopt the digital currency as legal tender. To fast-track citizenship for certain investors, to establish a tax-free city for the creation of a digital currency, and to establish a mining facility for the creation of a digital currency, the Central American country will be built by the end of the year. The U.S. dollar is the official currency of El Salvador.

The quote is crucial.

The CEO of El Salvadoran, who describes himself as "CEO of El Salvador" in his bio, said that if the economy of El Salvadoran is changed by adopting bitcoin, it will be for the better.

The decision to adopt bitcoin as legal tender in El Salvadoran provoked widespread protests because it made things harder for regular people while benefiting big investors. Anti-bitcoin protesters burned tires and hoisted signs in front of the Supreme Court building in San Salvador until they were dispersed by heavily armed police. The national debt of El Salvadoran has ballooned to over 50% of its GDP. Moody's lowered the nation's credit rating to Caa1 in July, signifying high credit risk. Moody's said that the nation's credit risk was increased by the trade in the virtual currency. The International Monetary Fund had warned against using the virtual currency as a national currency.

The President of El Salvadoran says that the digital currency is really cheap.

The benefit of table coins is that they fall below $40,000.