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

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.)

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.

Source: Decrypt

Also follow Bitop on social:

Facebook: https://www.facebook.com/BitopGlobal

Twitter: https://twitter.com/bitop_exchange

Instagram: https://www.instagram.com/bitop_exchange/

Pinterest: https://www.pinterest.jp/Bitop_exchange

LinkedIn: https://www.linkedin.com/company/bitop-cryptocurrency-exchange

--

--

--

Bitop is the world’s leading crypto currency CFD exchange

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

DigiByte August Update

Highlights of our November Office Hours

Visa’s New Crypto Consulting Service For Merchants and Banks

Digital Crusaders: Technology Offers Weapons for the Battle Against Corruption

NFTs: The Revolution Of The Art World

NYC Mayor Eric Adams Takes a Pay Cut as Crypto Market Declines

Bitrue Weekly Market Report: BTC & ETH Gaining Momentum- Bull Trap or Bull Run?

CoinCasso

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bitop Exchange

Bitop Exchange

Bitop is the world’s leading crypto currency CFD exchange

More from Medium

[FRAMED]: Chris Mancini, Production Coordinator, MTL

Pushdown Automata Vs Turing Machine

ADA Accomodations

Most Real Variety Bitcoin T-Shirt On line