El Salvador has accumulated 150 bitcoins when the price of bitcoin fell below $50,000.
El Salvador has purchased 150 BTC in the midst of the most severe bear market since Bitcoin hit an all-time high of about $68,000 in the first week of November.
Salvadoran President Nayib Bukele announced the acquisition of 150 bitcoins when the market price fell below $50,000 after losing more than 15% of its worth.
El Salvador just bought the dip!
150 coins at an average USD price of ~$48,670 #Bitcoin
— Nayib Bukele (@nayibbukele) December 4, 2021
While Bukele’s government was able to acquire the coins at a price of $48,670 per coin, the bear market momentarily pushed the Bitcoin price to almost $42,000, down more than 37% from its all-time high.
Bukele also admitted to losing out on buying Bitcoin when it was at its lowest point, tweeting:
“Missed the f***ing bottom by 7 minutes.”
El Salvador’s Bitcoin reserve has increased to 1,270 BTC, which is now valued at about $60.3 million at the time of writing. Previously, on Oct. 28, the president declared that he had purchased 420 Bitcoins during a temporary bear market.
The Salvadorean government‘s strategy involves extracting unrealized BTC profits in US dollars to support different development initiatives while keeping the central reserve’s total value stable.
President Bukele announced the opening of Bitcoin City on November 21, a project first supported by $1 billion in Bitcoin bonds. Bukele claims that:
“In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport.”
The Bitcoin City initiative also includes famous crypto firms like Bitfinex and Adam Back’s Blockstream, which, according to Bukele, “will soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country.”
