El Salvador President Buys the Dip, Adds 420 Bitcoin to Treasury

2021-10-28 07:2872448

Source: Decrypt

Nayib Bukele, the president and self-described “Emperor of El Salvador,” has taken advantage of today’s drop in Bitcoin prices to increase his country's BTC reserves.

Bukele announced today on Twitter in English (the lingua franca of the Bitcoin ecosystem, but not his citizens) that he had bought the proverbial dip. BTC, which reached an all-time high above $67,000 last week, fell today to below $60,000, according to CoinGecko.

The amount of BTC he bought was the icing on the cake: 420 BTC. (For those unfamiliar with the internet, 420 is a meme number associated with the cannabis culture.)

It was a long wait, but worth it.

We just bought the dip!

420 new #Bitcoin

— Nayib Bukele (@nayibbukele) October 27, 2021

El Salvador adopted Bitcoin as legal tender on September 7. In the past two months, Bukele has ordered four BTC purchases for the country’s coffers. According to Disruptiva magazine’s estimates, El Salvador bought 200 BTC at $51,300 on September 6, then another batch of 200 BTC at $51,500. A day later, it purchased 150 BTC at $52,000, and finally, on September 19, El Salvador bought the dip, acquiring another 150 BTCat $45,700. 

After racking up a portfolio at over $11 million in unrealized losses, the price of Bitcoin started to recover, reaching a new high. With this new purchase, Bukele has increased El Salvador's stated Bitcoin reserves to 1,120 BTC, at an average price of $53,324.29. With the price tag of Bitcoin at nearly $59,000, it’s made a tidy (though unrealized) return on its investment. 

#Bitcoin Con el precio de la criptomoneda de este día a las 8:20 a.m., la inversión en 700 BTC que realizó El Salvador podría dejar un margen de un poco más de $10.8M. pic.twitter.com/RScdlj3x1v

— Disruptiva (@Disruptiva2) October 20, 2021

If Bukele issues a buy order of 69 BTC during Bitcoin's next dip, Decrypt will be the first to report it.

Likes 0
Favorite
Declaration: This article is published with the authorization. And it can't represent FTFTX's standpoint. Please note the source of article if it is reprinted: www.ftftx.com
All Comments(1)
Publish

Skvllpvnk

Skvllpvnk

There are too many things that the currency circle can't understand, and they just don't want to! !

10-28 07:31
No More
Hot

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

1BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

The publicly-listed crypto-asset exchange Coinbase has announced the company has acquired the Israeli firm Unbound Security. The announcement follows Coinbase acquiring the cryptocurrency wallet BRD last week and the Unbound acquisition is aimed at the company’s “commitment to providing the safest, most secure, and most trusted venue for anyone to interact with the [crypto economy].” What do you think about Coinbase acquiring Unbound Security and the acquisition of BRD last week? Let us know what you think about this subject in the comments section below. Disclaimer

2021-12-01 13:35 | Bitcoin.com52690

Fidelity Launches a Spot Bitcoin ETF in Canada

2021-12-01 15:28 | CryptoPotato19200

FTFTX APP DownloadUse
iOS 9.0 and above
Android 4.3 and above

Feedback
Back