When the market crashed in December, Justin Sun, the founder of Tron, said he bought the 150 bitcoin dip. The move was designed to “balance out” El Salvador’s President Nayib Bukele’s previous transaction.
Trons Justin Sun buys 150 bitcoin dip
When the market crashed in December, Justin Sun, the founder of Tron, said he bought the 150 bitcoin dip.
“I just bought a bitcoin dip,” Sun announced on Twitter, adding that the move was designed to “balance out” El Salvador’s President Nayib Bukele’s previous transaction.
El Salvador’s “CEO,” Bukele, stated on Saturday that the Central American government had purchased an additional 150 bitcoins at an average price of roughly $ 48,700 per coin.
El Salvador Congressman William Soriano declared, “We’ll buy every dip, forever.” “This is our long-term Bitcoin strategy: keep purchasing, buying, buying,” says the entrepreneur.
Sun and Bukele buys Bitcoin When It Drops in Price
Former Tron Foundation employees file a lawsuit against Justin Sun and the Tron Foundation, alleging workplace harassment – CoinDesk
Both Justin Sun and Bukele took advantage of the day’s big 20% drop in Bitcoin to increase their holdings. The price of bitcoin has dropped to $ 42,000 on Binance amid fears that the coronavirus would resurface.
They both use a financial investment approach in which they buy an asset after it has dropped in price because they believe it is a good deal.
However, Sun, who is also the CEO of BitTorrent, a file-sharing software startup, did not purchase enough 150 BTC the first time.
“Let’s buy another 50 bitcoins to be ‘even,'” Bukele Sun suggested. “It’s only a few million dollars,” says the narrator. “Come on!” you say.
“Done,” Sun said after a while. “I just purchased 50 BTC.” During the day, the Tron founders spent more than $7.1 million on the acquisition of 150 BTC.
Sun and Bukele are bullish on Bitcoin’s prospects
Sun, like Bukele, is bullish on Bitcoin’s prospects and has long planned to stockpile the currency. He paid $ 152 million for 4,145 BTC in May, when the price had plunged below $37,000.
He has also demonstrated a strong interest in art. He recently paid $ 78.4 million for Le Nez, a 1947 painting by Swiss artist Alberto Giacommetti.
Bitcoin, at least according to Bukele, represents both the present and the future for El Salvador. Official numbers show that the country that was the first to legalize Bitcoin as a currency now has a currency reserve of 1,370 BTC.