El Salvador’s president and crypto fanatic, Nayib Bukele seems to be taking advantage of the current Bitcoin dip as he recently acquired 500 coins as an investment move.
El Salvador Bukele Having A Good Time With The Dip
Bukele announced via his official Twitter account that the nation has just invested $15.3 million in Bitcoin (BTC). He purchased 500 coins at an average price of $30,744 during the recent crypto market downturn. This brings the nation’s total BTC held to at least 2,301.
About 12 hours following Bukele’s announcement, Chinese-Grenadian business executive and founder of TRON, Justin Sun followed in El Salvador’s footsteps by throwing in $15.5 million into BTC in his purchase of 500 coins at an average price of $31031.35.
As indicated by his Twitter page, El Salvador’s Bukele appears to be having a good time with the slump. He said 11 hours after purchase that he could have sold the 500 coins for a million dollars profit, but that he would not.
El Salvador stands out as one of the most crypto-friendly countries in the world. In September of last year, it became the first country to recognize bitcoin as legal tender.
Nayib Bukele, the country’s president, is a 40-year-old businessman who has consistently expressed support for Bitcoin.
Bukele has severally taken advantage of price drops in the cryptocurrency market. He claimed in a series of tweets that the government purchased 400 coins for $20.9 million in different transactions just hours apart.
This was one day before the government declared Bitcoin to be legal tender.
What is the current state of the market?
After four days of unrelenting bloodbath, the recent fall in the crypto market appears to be far from over.
BTC is currently valued at $31.5k against dollar, down 34% from its all-time high of $47.8k earlier this year. The asset recently fell to $29.9k, its lowest point since July 2021.
As is customary, Bitcoin has taken down most of the major cryptocurrencies, forcing some investors to give up. Others, such as the government of El Salvador and Justin Sun, are hoping to profit from the present slump in the hopes of a significant rebound.
