Bitcoin is now part of daily life in El Salvador following the official implementation of cryptocurrency as legal tender. Since then, the Salvadoran government has pledged to buy bitcoin and has held its end of the bargain. Now, whenever the price of BTC drops, the country calls the drop and buys a significant amount of bitcoin.
In several cases spread over the past two months, El Salvador has bought millions of dollars worth of bitcoin. The country bought 100 bitcoins during the last bitcoin drop. This time around, El Salvador seized another opportunity to increase its holdings of BTC, adding 150 coins to its coffers.
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El Salvador calls the plunge
Just a week after its last purchase, El Salvador has taken its bitcoin bet even further. The decrease in the value of the digital asset saw the country take advantage of the presented opportunity. While much of the market is panicking and thinks it might be heading into a bear market, El Salvador has gone the other way, as evidenced by its BTC purchases.
Once again, President Nayib Bukele took to Twitter to announce the purchase which took place on Saturday. Bukele told his 3.2 million Twitter followers that the country had bought the drop, buying 150 coins at an average price of $ 48,670, bringing the total loot to around $ 7.3 million.
El Salvador just bought the dip! ??
150 coins at an average USD price of ~ $ 48,670 🥳#Bitcoins??
– Nayib Bukele (@nayibbukele) December 4, 2021
BTC trading below $50K | Source: BTCUSD on TradingView.com
Bitcoin in the green
While President Nayib Bukele’s move has been welcomed by many in the bitcoin space, not everyone has been happy with the purchases. There has been a lot of criticism of El Salvador’s decision to invest in BTC nationwide, but it has flowed from Bukele like water on camels.
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Responding to a comment that the president was wasting taxpayer money on a digital asset that would suffer further declines, Bukele explained that the BTC the country has bought so far has remained profitable. Bukele compared his holdings of BTC to his gold reserves which are down 0.37% from a year ago, while his bitcoin remains green.
Nothing.
We are already in the green since our last purchase, in less than 24 hours.
You know boomer, we have 44,106 ounces of gold in our reserves.
Valued at $ 79 million, down 0.37% from a year ago.
If we had sold it a year ago and bought #Bitcoins, it would now be valued at $ 204 million. https://t.co/e5z9cVsfjg
– Nayib Bukele (@nayibbukele) December 4, 2021
With its latest purchase of 150 bitcoins, El Salvador now holds 1,370 BTC.
Featured image from Anadolu Agency, chart from TradingView.com
