El Salvador’s president Nayib Bukele has invested in today’s Bitcoin price drop to grow his country’s BTC reserves.
Bukele revealed today on Twitter that he had bought the proverbial dip. According to CoinGecko, Bitcoin, which surged to an all-time high of $67,000 last week, plunged today to below $60,000.
It was a long wait, but worth it.
We just bought the dip!
420 new #Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021
El Salvador took on Bitcoin as legal currency on Sept. 7th. Over the past two months, the president of El Salvador ordered four Bitcoin purchases for the nation’s coffers.
According to Disruptiva Magazine’s estimates, El Salvador bought 200 BTC at $51,300 on Sept. 6th, then another 200 BTC at $51,500. The next day, El Salvador bought 150 BTC at $52,000, then 150 BTC at $45,700 on Sept. 19th.
— Disruptiva (@Disruptiva2) October 20, 2021
After putting together a portfolio of over $11 million in unrealized losses, Bitcoin began to recoup, reaching an all-time high. Following this price increase, Bukele enlarged El Salvador’s Bitcoin supply to 1,120 BTC, averaging $53,324.29 each. With the price of Bitcoin at virtually $59,000, it’s made an excellent (though unrealized) return on its financial investment.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.