Nayib Bukelepresident of El Salvador, announced today that his country took advantage of the collapse and bought another 80 bitcoins at an average price of $19,000 each. Last month, the Latin American country had bought 500 bitcoins for around $30,000 each.
The president of El Salvador is not one of those who are saddened by the fall of bitcoinOn the other hand, Bukele celebrates the fall of the digital currency -when he takes the opportunity to buy the cryptocurrency for the coffers of the country-.
In the president’s most recent tweet, Bukele reaffirms that sees bitcoin as the future of money and has listed all purchases and related prices made.
El Salvador has 2,200 bitcoins
According to some estimates, which the Salvadoran government has immediately disputed in recent days, the losses so far could be around 40 million dollars.
According to the government, these estimates are exaggerated and since no bitcoins were sold, the losses cannot yet be accounted for.
According to data not confirmed by the Salvadoran authorities, the country could currently have around 2,200 bitcoins, purchased at various times since September 2021.
The Minister of Finance of El Salvador, Alexander Zelaya, said in recent days that the country had sold a small amount of Bitcoin to finance a hospital. But the news was denied a few hours later by the president himself, who said that he had not made any sales and that the hospital had been financed with other resources.
thanks for selling cheap
El Salvador’s president is once again trying to “buy the dip,” this time with bear market sentiment and a series of collapses of major cryptocurrency companies.
Bukele said that he trades bitcoins on his cell phone. The first purchases from him were in September 2021, when bitcoin was trading at around $52,000, according to the Portfolio Tracker website.
His second largest bitcoin purchase was 420 bitcoins on October 27, 2021, when bitcoin was trading at $60,345.
The price Bukele paid to buy these 80 bitcoins is therefore less than half the average price the Salvadoran government paid for its bitcoin holdings.
El Salvador has already lost US$57 million in accumulated public fundsbased on estimates from market participants who track their purchases.
Despite this, the finance minister maintained that adverse conditions are unlikely to harm El Salvador’s fiscal health:
“When they tell me that the fiscal risk for El Salvador from Bitcoin is very high, the only thing I can do is smile. The fiscal risk is extremely minimal.”
The price of Bitcoin has fallen more than 70% from its all-time high in November 2021 and almost 57% since Bukele declared his plan to adopt Bitcoin.
As a result, the investment from the government of El Salvador was cut in half and the national adoption of Bitcoin did not take off as expected.
Still, Bukele thanked merchants who are selling bitcoin cheaply and said he is confident in bitcoin’s future.
“Thank you for selling cheap,” Bukele said.