The President of El Salvador announced that the country 420 BTC during the dip. Now El Salvador has 1120 Bitcoin under management.
The president of El Salvador has done it again. As a good Bitcoin maximalist, the price crash didn’t scare him, and instead of complaining or tweeting that his precious coin was going to $0, he just bought more Bitcoin, A LOT of Bitcoin. In a tweet shared a few hours ago, Nayib Bukele announced that he bought the dip. Buying the dip is an expression that refers to taking advantage of a bear market to buy a cheap asset during the crash and then waiting to profit once the prices recover.
The latest purchase of bitcoin, worth nearly $25 million at current prices, marks the first government acquisition of the cryptocurrency since Sept. 20, when Bukele said it had bought 150 BTC.
With the purchase, El Salvador now has 1120 BTC under its management and would look to add more in the near future.
President further revealed that the government has a trust fund represented by US Dollars, but which was funded by both USD and BTC. As such, any positive changes in bitcoin’s price have led to a profit, with the country cashing out by withdrawing some dollars in the trust.
Bitcoin’s price was at over $59,000 when Bukele made the tweet, finding itself at a new all-time high in recent weeks that has since settled a little. El Salvador purchased 200 BTC right before the release of its bitcoin wallet Chivo, which would certainly have resulted in a profit now. At the time of that purchase, bitcoin was priced at approximately $51,000.
Before this, El Salvador had bought 550 BTC in multiple separate buying sprees. In addition, Bukele has adopted an aggressive approach to Bitcoin and regularly purchases them every time the price drops.