Nayib Bukele, the president of El Salvador, said this morning that the country has bought Bitcoin (BTC) again, taking advantage of a bear market. In May, the Central American country had already decided to buy over $15 million worth of Bitcoin.
El Salvador fills up on Bitcoin
El Salvador, the Central American country known for adopting Bitcoin (BTC) in September 2021, looks set to continue taking advantage of the bear market environment.
While its president, Nayib Bukele, was widely criticized by Internet users last month following his decision to buy Bitcoin in May in an already bearish context, he wants to do it again.
Indeed, on the morning of July 1, the Salvadoran president tweeted to announce that the country had purchased 80 Bitcoins at a fixed price of $19,000.
El Salvador bought today 80 BTC at $19,000 each!Bitcoin is the future!
Thank you for selling cheap pic.twitter.com/ZHwr0Ln1Ze
– Nayib Bukele (@nayibbukele) July 1, 2022
“Bitcoin is the future! Thanks for selling low. “
$1.52 million was spent in El Salvador through 40 transactions. In comparison, in May, the country had bought 500 BTC at more than $30,000, which was then equivalent to a total of more than $15.3 million.
Since September 2021, El Salvador has acquired 2,301 BTC for a total of almost $104 million spent.
Currently, the country’s Bitcoin reserves are worth only about $46 million, but these figures should be seen in the context of the current state of the market.
Indeed, where some only look at the loss of value of the Salvadoran state portfolio, it is necessary to do the accounts in a while when the market will be bullish again.
To that end, the finance minister said last month that Bitcoin investments represented “only” 0.5% of the country’s annual budget, and posed an “extremely minimal risk” to El Salvador’s financial position.
