El Salvador announces purchase of 420 bitcoin, worth nearly $25 million

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El Salvador's president, Nayib Bukele, said Wednesday that his government has purchased an additional 420 bitcoin, increasing the total amount bought to date to 1,120 BTC.

The fresh purchase is worth roughly $24.7 million at current prices, according to market data from TradingView. As of press time, bitcoin is currently trading on Coinbase at roughly $58.9K, per TradingView. 

The latest purchase comes more than a month after Bukele announced the purchase of 150 BTC, adding to the 550 BTC it bought previously. "We just bought the dip!" Bukele tweeted Wednesday, using a similar framing as the September 20 purchase event. 

Bitcoin became legal tender in El Salvador on September 7 following the passage of a law this summer. 

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