Nayib Bukele, the president of El Salvador, said this morning that the country has bought Bitcoin (BTC) again, taking advantage of a bear market. In May, the Central American country had already decided to buy more than $15 million worth of Bitcoin.
El Salvador fills up on Bitcoin
El Salvador, a Central American country known for adopting Bitcoin (BTC) in September 2021, looks to continue to take advantage of the bear market environment.
While its president, Nayib Bukele, was widely criticized by Internet users last month following his decision to buy Bitcoin in May in an already bearish context, he wants to do it again.
Indeed, on the morning of July 1, the Salvadoran president tweeted to announce that the country had purchased 80 bitcoins at a fixed price of $19,000.
“Bitcoin is the future! Thank you for selling at low prices.”
That’s $1.52 million that was spent by El Salvador through about 40 transactions. In comparison, in May, the country had bought 500 BTC at more than $30,000, which was then equivalent to a total of over $15.3 million.
Since September 2021, El Salvador has acquired 2,301 BTC for a total of almost $104 million spent.
Currently, the country’s Bitcoin reserves are worth only about $46 million, but these are figures that should obviously be put into perspective with the current state of the market.
Indeed, where some only look at the loss of value of the Salvadoran state portfolio, it is appropriate to do the accounts in a while when the market will be bullish again.
To that end, the Minister of Finance said last month that Bitcoin investments represent “only” 0.5% of the country’s annual budget, and pose an “extremely minimal risk” to El Salvador’s financial position.
