El Salvador Buys The Dip Again, Adds 420 BTC, President Bukele Announced
The president of El Salvador, Nayib Bukele, took it to Twitter to announce once again having “bought the dip” to increase his country’s BTC reserves, as Bitcoin price dropped.
Bukele tweeted in English that he had bought the dip. BTC, which broke to new all-time high above $67,000 last week, fell below $60,000, according to CoinGecko.
The Salvadoran president announced that he bought 420 BTC.
(420 is a meme number associated with the 4th April celebration of cannabis culture)
September 7 this year, El Salvador adopted Bitcoin as legal tender. In the past two months, Bukele has ordered four BTC purchases in the country’s name. According to estimates, El Salvador bought 200 BTC at $51,300 on September 6, then another batch of 200 BTC at $51,500. A day later, it purchased 150 BTC at $52,000, and finally, on September 19, El Salvador bought the dip, acquiring another 150 BTCat $45,700.
#Bitcoin Con la inversión hecha ayer, El Salvador tiene 700 criptomonedas llegando a un total en dólares de poco más de $35M. Con el precio actual del bitcoin, el país podría perder hasta $11 millones de dólares… pic.twitter.com/sCGKdqYRo3
When Bitcoin was at its lowest price point since El Salvador Bitcoin law, the country’s BTC portfolio was $11 million in unrealized losses. Since then the price of Bitcoin started to recover, reaching a new high.
With the additional 420 BTC, Bukele has increased El Salvador’s estimated Bitcoin reserves to 1,120 BTC, at an average price of $53,324.29. With the price tag of Bitcoin at nearly $59,000, it’s made a nice unrealized return on its investment.
