Crypto adoption

El Salvador buys more bitcoins and thanks: ‘Thanks for selling low’

Nayib Bukele, the president of El Salvador buys 8 to more bitcoins at a price of $ 19000.

Image Source : DW

Nayib Bukele president of El Salvador, announced today that his country has taken advantage of the slump and bought another 80 bitcoins at an average price of $ 19,000 each.. Last month, the Latin American country had bought 500 bitcoins for about $30,000 each.

Always Buy the dip !

El Salvador‘s president is not one to be sad… The fall of bitcoinBukele, on the other hand, celebrates the fall of the digital currency – when he takes the opportunity to buy the cryptocurrency for the country’s coffers.

In the president’s latest tweet, Bukele reaffirms this. sees bitcoin as the future of the currency and has listed all related purchases and prices charged.

Some estimates, which the Salvadoran government immediately disputed in recent days, put the losses to date at around $40 million.

According to the government, these estimates are exaggerated and, as no bitcoins have been sold, the losses cannot yet be accounted for.

According to unconfirmed data from Salvadoran authorities, the country may currently hold about 2,200 bitcoins, purchased at various times since September 2021.

El Salvador’s finance minister, Alejandro Zelayaa said in recent days that the country had sold a small amount of bitcoins to fund a hospital. But the news was denied a few hours later by the president himself, who said that no sale had taken place and that the hospital had been funded by other resources.

El Salvador’s president is once again trying to “buy the dip,” this time with bear market sentiment and information about the state of the market. A series of collapses of major cryptocurrency companies.

Thus, Thanks for selling low !

Bukele said he trades bitcoins on his cell phone. His first purchases were in September 2021, when bitcoin was trading at about $52,000, according to Portfolio Tracker.

His second largest bitcoin purchase was 420 bitcoins on Oct. 27, 2021, when bitcoin was trading at $60,345.

The price Bukele paid to buy those 80 bitcoins is therefore less than half the average price the government of El Salvador pays for its bitcoin holdings.

El Salvador has already lost $57 million in accumulated public funds.according to estimates from market participants who track their purchases.

El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!

Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze

— Nayib Bukele (@nayibbukele) July 1, 2022

Despite this, the finance minister argued that the unfavorable conditions are not likely to affect El Salvador’s fiscal health:

“WHEN PEOPLE TELL ME THAT THE FISCAL RISK OF BITCOIN FOR SALVADOR IS VERY HIGH, I CAN ONLY SMILE. THE FISCAL RISK IS EXTREMELY MINIMAL.

The price of bitcoin has fallen more than 70 percent since its all-time high in november 2021. and nearly 57 percent since Bukele declared his intention to adopt bitcoin.

As a result, the Salvadoran government’s investment has been cut in half and domestic bitcoin adoption has not taken off as expected.

Bukele nonetheless thanked merchants who sell bitcoins at low prices and expressed confidence in bitcoin’s future.

“THANK YOU FOR SELLING AT LOW PRICES,” BUKELE SAID.

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