El Salvador Calls Another Bitcoin Dip With 150 BTC Purchase
06 Diciembre 2021 - 11:00AM
NEWSBTC
Bitcoin has now become part of El Salvador’s daily life following
the official implementation of the cryptocurrency as a legal
tender. Since then, the El Salvador government has pledged to
purchase bitcoins and has held up its end of the bargain. Now,
every time the price of BTC goes down, the country calls the dip
and purchase a significant amount of bitcoin. In multiple instances
spread through the past couple of months, El Salvador has purchased
millions of dollars worth of bitcoin. The country had purchased 100
bitcoins during the last bitcoin dip. This time around, El Salvador
has taken another opportunity to increase its BTC holdings, adding
150 coins to its coffers. Related Reading | Calls For Tesla To
Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy El
Salvador Calls The Dip Only a week after its last purchase, El
Salvador has deepened its bitcoin bet again. The decrease in the
value of the digital asset has seen the country taking advantage of
the presented opportunity. While a good portion of the market
panics and believes that it might be headed into a bear market, El
Salvador has gone the opposite way made evident by its BTC
purchases. Once again, President Nayib Bukele had taken to Twitter
to announce the purchase which took place on Saturday. Bukele
announced to his 3.2 million Twitter followers that the country had
bought the dip, purchasing 150 coins at an average price of
$48,670, bringing the total loot to approximately $7.3 million. El
Salvador just bought the dip! 🇸🇻 150 coins at an average USD price
of ~$48,670 🥳#Bitcoin🎄 — Nayib Bukele 🇸🇻 (@nayibbukele) December 4,
2021 BTC trading below $50K | Source: BTCUSD on TradingView.com
Bitcoin In The Green Although the move on President Nayib Bukele’s
part is praised by many in the bitcoin space, not everyone has been
happy with the purchases. There has been a lot of criticism
regarding El Salvador’s decision to invest in BTC on a national
scale but this has rolled off of Bukele like water off a camel’s
back. Related Reading | SEC Boss Acknowledges That Bitcoin Is
A Competitor For U.S. Banking System Responding to a comment saying
that the president was wasting taxpayers’ money on a digital asset
that was set to suffer more dips, Bukele explained that the BTC the
country has purchased so far has remained in profit. Bukele
compared its BTC holdings to its gold reserves which are down 0.37%
from a year ago while its bitcoin remains in green. None. We’re
already in the green from our last purchase, in less than 24 hours.
You know boomer, we have 44,106 oz of gold in our reserves. Worth
$79 million, down 0.37% from a year ago. If we had sold it a year
ago and bought #Bitcoin, it would now be valued at $204 million.
https://t.co/e5z9cVsfjg — Nayib Bukele 🇸🇻 (@nayibbukele) December
4, 2021 With its latest 150 bitcoin purchase, El Salvador now holds
1,370 BTC. Featured image from Anadolu Agency, chart from
TradingView.com
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