El Salvador has bought 150 more Bitcoin amid today’s black crypto crash.
‘Buy the dip’
Salvadoran President Nayib Bukele announced the purchase of 150 BTC. He made the purchase after the market price temporarily dropped below $50,000 and lost more than 15% of market value.
El Salvador just bought the dip! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄
— Nayib Bukele 🇸🇻 (@nayibbukele) Dec 4, 2021
El Salvador bought the 150 Bitcoins for $48,670 per BTC token. Bukele said he was happy with his purchase. This is despite the price even briefly dropping below $42,000 this morning. Bukele did acknowledge that he missed the Bitcoin purchase at its lowest point. He tweeted the following:
“Unfortunately I missed the lowest point at 7 minutes.”
With this purchase, El Salvador now owns 1,270 BTC. Right now, that would be worth nearly $60.3 million. The Salvadoran government’s strategy involves withdrawing unrealized BTC gains in US dollars to fund various development projects while preserving the total value of the central reserve.
Bitcoin City
On November 21, President Bukele announced the launch of Bitcoin City. This is an initiative initially funded with $1 billion Bitcoin bonds. Bukele said the following:
“In #BitcoinCity you get digital and technology education. Geothermal energy for the entire city and efficient and sustainable public transport.”
The Bitcoin City project also sees the involvement of prominent crypto firms, including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream. According to Bukele, these “will soon be home to many local and foreign digital assets developing new digital asset regulation for the country.”