El Salvador spent $15 million on the latest BTC dip which puts the amount held by the country at just over 2300 BTC so let’s read more today in our latest Bitcoin news.

El Salvadoran President Nayib Bukele said that the Latin American country bought another 500 BTC in the current marekt correction and put the total number of BTC owned in the country at over 2300 or $72.5 million. El Salvador spent a lot of cash to buy the latest dip and Bukele added that the governemnt purchased the new chunk at an average price of $30,744. the price of BTC fell more than 11% in the past day with the rest of the market moving in the same direction. Most long-term BTC holders look to buy the dip and buy the asset while it is dipping.

El Salvador just bought the dip! 🇸🇻

500 coins at an average USD price of ~$30,744 🥳#Bitcoin

— Nayib Bukele (@nayibbukele) May 9, 2022

In September 2021, El Salvador became the first country to make BTC a legal tender and while it is celebrated by many BTC advocates, the plan was met with mixed reactions. The move elicited warnings from the IMF and other US government officials so in addition to pursuing opportunities in BTC mining, the country was creating its own stockpile of BTC for the reserves but it is unclear who is buying more BTC, Bukele of the governemnt.

As recently reported, The usage for Bitcoin transactions is low and concentrated among certain demographic as the study shows that El Salvador’s Chivo wallet is now being widely used in the country. The new study published by the Economic Bureau of Economic Research claims that the wallet has been busted. The researchers said that despite the high initial interest, the usage of the wallet is low and concentrated among the banked and educated demographic but what’s more, they say virtually no downloads happened in 2022. By extension, this suggests that the BTC experiment in El Salvador is slowing down.

El Salvador’s president Bukele announced on Twitter as many people already have a wallet compared to a bank account. Since then, the users reported severe problems including identity fraud, name leaks, and bugs. As the country approaches the nine-month mark since the BTC law was passed, the research released the result of a face-to-face survey of 1800 households and for BTC advocates, the findings make for quite an uncomfortable reading.