El Salvador's total bitcoin holdings, according to one estimate, have lost more than $30 million in value. Despite this, President Bukele remains enthusiastic about bitcoin, predicting that the price would reach $100,000 this year.
El Salvador likewise intends to issue bitcoin bonds, though no specific date has been specified. In September of last year, El Salvador became the first country to make bitcoin legal tender alongside the US dollar.
El Salvador has purchased the dip amid a bitcoin catastrophe.
Nayib Bukele, the president of El Salvador, declared on Twitter on Monday that his country had purchased 500 additional bitcoins.
While many Bitcoin supporters applauded the initiative, it was met with diverse reactions around the world. The International Monetary Fund (IMF) and US government officials also issued cautions in response to the decision.
In addition to looking into geothermal Bitcoin mining, the country has been building up its own Bitcoin stockpile for reserve purposes.
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