Bitcoin-friendly El Salvador has bought the dip, adding 80 BTC ($1.5 million) to its balance sheet. The country said it purchased the bitcoins at an average price of $19,000 each.
El Salvador Buys 80 BTC ($1.5M)
Nayib Bukele, El Salvador’s president, announced the purchase via a tweet on Friday, adding a screenshot of the transactions.
Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
Last year, Bukele signed a Bitcoin law, making El Salvador the first country to make Bitcoin a legal tender. Since then, the nation has been accumulating the crypto asset. This latest transaction is El Salvador’s cheapest Bitcoin purchase since the country added the cryptocurrency to its balance sheet.
The county’s most recent Bitcoin investment comes at a time when there is a downturn in the crypto market with BTC falling below $20,000. At the time of writing, the cryptocurrency was trading at $19,409.
El Salvador now holds a total of 2,381 BTC, valued at about $46.2 million. Due to the market crash, the country’s Bitcoin investment is down by more than 50% on its bitcoin, accounting for about $40 million in unrealized losses.
Despite that, El Salvador’s finance minister said the loss does not represent 0.5% of the country’s general budget and will not affect the nation’s fiscal health. Meanwhile, the country purchased 500 bitcoins ($15.5 million) at $30,744 each in May.
Bukele: Bitcoin Value Will Grow After Bear Market
While many investors are panicking about the current bear market, Bukele believes that investors have nothing to worry about because the market will recover.
The Bitcoin-loving president noted that the price of bitcoin will rise significantly after the bear market. He urged investors to enjoy life instead of worrying about the market drawdown because their BTC investment is safe.
Meanwhile, in another report, leading business intelligence company MicroStrategy recently purchased 489 BTC valued at $10 million, bringing the firm’s total Bitcoin holdings to 129,699 BTC, worth around $2.4 billion at current prices.
MicroStrategy’s Bitcoin investment is down more than 30% but the company’s CEO continues to remain bullish on the cryptocurrency.
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