The price of Bitcoin (BTC) was around US$45,700 at the time of President Nayib Bukele's tweet announcing the purchase, down from highs near US$50,000 early last week.

On september 6, a day before Bitcoin was officially declared legal tender in El Salvador, the President announced that the country purchased its first 400 BTC, and at the time said he planned to buy "much more" with government funds. With that historic announcement, El Salvador became the first country in the world to publicly put Bitcoin on its balance sheet.

Bitcoin was declared legal tender in El Salvador the following day. Its price dropped from around US$51,000 to US$43,000 when President Nayib Bukele announced again that El Salvador had bought in the fall, just like a stock market move with shares, taking the country's total Bitcoin reserves from 400 to 550 BTC.

Monday's purchase took El Salvador's Bitcoin reserves from 550 to 700 BTC, with a price of around US$31 million 198, 397 at the time Bitcoin Magazine wrote this article.

The Bitcoin price continued to fall to around US$44,700 after President Bukele's announcement, until around 6 a.m. EST monday morning.

The news comes at a time when international figures such as Edward Snowden are urging nations to adopt Bitcoin. After El Salvador made Bitcoin legal tender, the famous whistleblower noted that Bitcoin favors early adopters, putting pressure on other nations, which will be penalized for lagging behind.