With this purchase, El Salvador’s Bitcoin reserve now amounts to 1,270
BTC, which is worth nearly $60.3 million at the time of writing.
The Republic of El Salvador has procured 150 Bitcoin (BTC) amid the
biggest bear market since Bitcoin attained an all-time high of nearly
$68,000 back in the first week of November.
Salvadoran president
Nayib Bukele announced the purchase of 150 BTC as the market price
momentarily slipped below $50,000 after losing over 15% in market value.
El Salvador just bought the dip!
— Nayib Bukele (@nayibbukele) December 4, 2021
150 coins at an average USD price of ~$48,670 #Bitcoin
While Bukele’s government was able to make the purchase at $48,670
per coin, the bear market temporarily brought down the Bitcoin price to
almost $42,000 after falling over 37% from its all-time high.
Bukele also acknowledged missing out on purchasing Bitcoin at its bottom as he tweeted:
“Missed the f***ing bottom by 7 minutes.”
With
this purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 BTC,
which is worth nearly $60.3 million at the time of writing. Previously,
the president announced purchasing 420 Bitcoin on Oct. 28 during a temporary bearish market.
The Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.
On
Nov. 21, President Bukele announced the launch of Bitcoin City, an
initiative funded initially by $1 billion Bitcoin bonds. According to
Bukele:
“In #BitcoinCity we will have digital and
technological education. Geothermal energy for the entire city and
efficient and sustainable public transport.”
The Bitcoin
City project also sees the involvement of prominent crypto companies
including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream,
which according to Bukele, “will soon be home to many local and foreign
digital assets offerings developing new digital asset regulation for the
country.”
source link : https://cointelegraph.com/news/el-salvador-stacks-150-bitcoin-after-btc-price-crashes-below-50k
