The cryptocurrency market collapsed last night. The bitcoin (BTC) price even briefly reached a price of less than $41,000. Many crypto investors are panicking, but it seems that the president of the Central American country of El Salvador, Nayib Bukele, is not at all worried. He announced that the country has again bought the bitcoin dip.
Buy the BTC dip
On Twitter, the president of the country announced that they have taken 150 new bitcoins on the balance. They bought these bitcoins at an average bitcoin price of $48,500. In total, these bitcoins had a market value of $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
El Salvador proved unable to buy up the absolute bottom. After Bukele announced that the country had bought bitcoins, the price fell even further. Bukele therefore also announced on Twitter that he had missed the bottom by 7 minutes.
Missed the f***ing bottom by 7 minutes ????
– Nayib Bukele ???????? (@nayibbukele) December 4, 2021
With this new purchase, El Salvador already has about 1,370 bitcoins in its treasury. Of course it is still the only country that owns bitcoin at all.
Overall, El Salvador’s bitcoin investments don’t seem to have been a bad one yet. By only during dips large-scale stocking, a very nice return is achieved to this day.
El Salvador in Bitcoin
Since the announcement that the country would start accepting bitcoin as legal tender, El Salvador has been known as a cradle of… bullish sentiment. Any chance to crypto to stimulate industry in the country.
For example, it was recently announced that El Salvador plans to create a true ‘bitcoin city’ build. This city would cost about $500 million and would be financed by a special kind of crypto bond. However, El Salvador’s plans are not to everyone’s taste. That’s how it left IMF recently learned that they are very concerned about the course the Central American country is taking.
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