{"id":12860,"date":"2021-10-28T19:30:05","date_gmt":"2021-10-28T18:30:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12860"},"modified":"2021-10-28T19:30:14","modified_gmt":"2021-10-28T18:30:14","slug":"el-salvador-acquires-another-420-btcs","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvador-acquires-another-420-btcs\/","title":{"rendered":"El Salvador acquires another 420 BTCs"},"content":{"rendered":"\n
Salvadoran President Nayib Bukele is on a BTC\u00a0<\/a>buying spree, moreover, there are no signs of it coming to an end in the near future.<\/h5>\n\n\n\n
\"El<\/figure>\n\n\n\n

According to a tweet from Bukele, the government took advantage of the latest Bitcoin \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>decline by depositing 420 BTCs into its treasury earlier today.\u00a0<\/p>\n\n\n\n

\u201cIt was a long wait, but worth it. We just bought the dip!\u201d<\/p><\/blockquote>\n\n\n\n

The President followed up the tweet with another, in which he claimed that the recently acquired tokens had already generated a profit within hours of being purchased. When comparing the two tweets, Bitcoin's price increased by 0.4 percent on the charts in the time between them.<\/p>\n\n\n\n

How do we make a profit if 1 #BTC= 1 #BTC?We have a trust fund accounted in USD, but the trust is funded by both USD and BTC. When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total.\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) October 27, 2021<\/p><\/blockquote>\n\n\n\n

Furthermore, Bukele <\/a>went on to say that the profit was gained as a result of the country's Bitcoin trust being rebalanced. It retains both Bitcoin and US Dollars, allowing the government to make gains in USD while maintaining its crypto holdings.<\/p>\n\n\n\n

The country's total Bitcoin holdings increased to 1,120 BTCs after a recent purchase of 40 BTCs for $24.6 million. At the time of publication, this was valued at $66.2 million. The average BTC purchasing price in El Salvador is roughly $53,000 per coin.<\/p>\n\n\n\n

Bukele has long been an opportunist in the Bitcoin game<\/a>, taking advantage of price drops in the cryptocurrency to boost his country's holdings at a reduced cost. El Salvador made its first Bitcoin purchase on September 6th, when it purchased 200 BTCs in two batches.<\/p>\n\n\n\n

When the digital asset was made legal tender across the country the next day, the country purchased another 150 BTCs. After that, on September 19, El Salvador's Bitcoin trust received an additional 200 BTCs, bringing the total to 700 BTCs.<\/p>\n\n\n\n

#Bitcoin Con la inversi\u00f3n hecha ayer, El Salvador tiene 700 criptomonedas llegando a un total en d\u00f3lares de poco m\u00e1s de $35M. Con el precio actual del bitcoin, el pa\u00eds podr\u00eda perder hasta $11 millones de d\u00f3lares\u2026 pic.twitter.com\/sCGKdqYRo3\u2014 Disruptiva (@Disruptiva2) September 20, 2021<\/p><\/blockquote>\n\n\n\n

Despite the criticism levelled against Bukele for the manner and opacity with which these purchases were made, the crypto-community couldn't help but note the worth of the acquisition.<\/p>\n\n\n\n

Within the millennial stoner culture, the word 420 is often used. For example, EGarrett, a Reddit <\/a>user, stated,<\/p>\n\n\n\n

\u201cI\u2019m starting to believe he\u2019s doing this on purpose. Actually, now that I check he was born in 1981 so he probably is. Funny to see the results of millennials starting to inherit the world.\u201d<\/p><\/blockquote>\n\n\n\n

In any case, some of the scepticism around the island nation's use of Bitcoin as legal cash appears to be dissipating. According to reports, many people have been swapping their dollars for Bitcoins.<\/p>\n\n\n\n

Bukele also recently reported that more money is being deposited into Chivo ATMs<\/a> for Bitcoin transfers than is being withdrawn.<\/p>\n\n\n\n

He also released data indicating that residents are using Bitcoin to transfer up to $2 million in remittances every day, avoiding the exorbitant commission costs they were previously charged.<\/p>\n","protected":false},"excerpt":{"rendered":"

Salvadoran President Nayib Bukele is on a BTC\u00a0buying spree, moreover, there are no signs of it coming to an end in the near future. According to a tweet from Bukele, the government took advantage of the latest Bitcoin decline by depositing 420 BTCs into its treasury earlier today.\u00a0 \u201cIt was a long wait, but worth […]<\/p>\n","protected":false},"author":13,"featured_media":12866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,947],"class_list":["post-12860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-nayib-bukele"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-131.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12860"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12866"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}