El Salvador decided to buy 500 BTC at the bottom amid the market plunge

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2022-05-12 08:28:25

Amid the market crash, the President of El Salvador announced the largest-ever simultaneous purchase of Bitcoin.

He announced via a tweet on Monday, saying:

“El Salvador just bought the discount!”, “Average price is $30,744 for 500 BTC.”

El Salvador decided to buy 500 BTC

According to a tweet from El Salvador President Nayib Bukele, just bought the Bitcoin drop this morning with a buy of 500 BTC at an average price of $30,744.

The President of El Salvador expressed his joy of “bottom-fishing” BTC at a “bargain price”

A complete purchase price of $15.3 million will add to El Salvador’s expanding bitcoin reserves. Total reserves of 1,620 BTC currently stand at $49.5 million, with BTC’s current price around $30,600, down from its all-time high of over $67,000.

Remember on September 6, 2021 President Bukele revealed to the public that the El Salvador government bought 200 BTC and “our brokers will buy more”. The date also marks El Salvador becoming the first country to record bitcoin on its balance sheet.

Just one day later, El Salvador announced that it would legalize Bitcoin for payments. The leader even tried to make his country more accepting of BTC, by giving 30 USD to every person who opens Chivo wallet – a cryptocurrency exchange and storage wallet established by the government.

The investment “taste” of the president of El Salvador

The investment “taste” of the president of El Salvador

Despite warnings from the International Monetary Fund about the risks of adopting a Bitcoin legal tender, the Central American country bought Bitcoin multiple times, taking advantage of the price drop.

The president of 2021 began increasing the nation’s Bitcoin reserves on September 20, when BTC dropped to $45,500 from a peak of $50,000. In an announcement from Bukele, the country’s government obtained another 150 BTC through successive drops in purchases, bringing its total reserves to 700 BTC.

Then, on October 28, 2021, President Bukele announced a buyout of 420 BTC after the price dropped to $58,800, from the previous high of $67,000. Total reserves at that time was 1,120 BTC.

For 2 consecutive weeks of December 2021, the President of Salvador announced the acquisition of 100 BTC and 150 BTC at an average price of $48,670.

Nayib Bukele reported the purchase of another 21 bitcoin on December 21, 2021.

Since Bitcoin was legalized, the profits gained from investing in BTC have been put into many infrastructure development projects by the Government of Salvador. Last year, the President announced that $4 million from the Bitcoin Trust would be used to build a veterinary hospital and 20 new schools in San Salvador.

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