El Salvador President Nayib Bukele has another amid the current turmoil in the crypto market Bitcoin-Purchase announced.
- Via Twitter, Bukele claimed to have bought exactly 500 bitcoins on Monday for an average of $30,744 each.
- The president, who has admitted to making bitcoin purchases from his phone using the country’s money, described the purchase as “buying the dip.”
- To date, Bitcoin has closed its 6th consecutive red weekly candle for the first time since 2014.
- It has also reached its lowest price since July 2021, more than 50% below its all-time high.
- Bitcoin broke as low as $31,000 today, erasing $300 million of open interest from crypto markets in an hour. At the time of writing, it is now trading even lower at $30,972.
- However, Bukele was never one to fear the market. He has been known to buy more bitcoin when the price falls in order to collect as many as possible.
- The International Monetary Fund has repeatedly urged the President to reverse El Salvador’s adoption of Bitcoin, citing this volatility. Bukele dismissed her at every turn.
- El Salvador’s last major bitcoin purchase was in January when it secured 410 bitcoin for $15 million. For comparison, buying 500 coins today costs approximately $15.3 million.
- This brings the estimated Bitcoin-stocks of the country to about 2301.
Source: Crypto News Deutsch