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El Salvador buys the dip adding 80 Bitcoins to its stash

El Salvador bought 80 more BTCs just as the crypto’s price dropped below $20,000 per coin.

Nayib Bukele / Image by: Gobierno Danilo Medina / Flickr

Sat, 02 Jul 2022, 15:05 pm UTC

El Salvador, the first country in the world to adopt Bitcoin (BTC) as legal tender, remains bullish on the crypto’s potential. The recent market downturn has not changed its bullish stance as the country even added more BTC to its holdings, taking advantage of the crypto’s low price.

El Salvador President Nayib Bukele announced on Thursday, June 30, that his country bought the dip as it did during past crypto market declines. The government bought 80 more BTCs just as the crypto’s price dropped below $20,000 per coin.

The country managed to acquire the BTCs just as it was selling at $19,000, a price Bukele considers to be cheap. El Salvador paid a total of $1.52 million for the acquisition.

“El Salvador bought today 80 BTC at $19,000 each!” Bukele posted on Twitter. “Bitcoin is the future! Thank you for selling cheap ?” He also attached screenshots showing the 40 purchases made on Thursday.

The last time the Central American country purchased Bitcoin was in May when it bought 500 BTCs for $15.5 million. “El Salvador just bought the dip!” Nayib Bukele tweeted last month. “500 coins at an average USD price of ~$30,744.”

At that time, the president noted that he already made a paper gain just hours after the purchase. “I could sell these coins right now and make almost a million dollars in just 11 hours, but of course not,” Bukele wrote.

Similarly, Bukele also made a paper gain just hours after his country’s recent purchase. At the time of writing, Bitcoin traded at $19,318.76 based on Coinmarketcap data, which means that he already gained $318.76 per coin for his recent batch of purchases.

However, El Salvador is 55.03 percent down on its Bitcoin bet, according to CoinDesk. The country paid a total of $103.9 million for the 2,301 BTCs it bought since September last year. For comparison its portfolio is currently worth around $44 million based on BTC's current price.

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