{"id":14651,"date":"2021-12-04T10:48:28","date_gmt":"2021-12-04T09:48:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14651"},"modified":"2021-12-04T10:48:37","modified_gmt":"2021-12-04T09:48:37","slug":"el-salvador-has-accumulated-150-bitcoins-when-the-price-of-bitcoin-fell-below-50000","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/el-salvador-has-accumulated-150-bitcoins-when-the-price-of-bitcoin-fell-below-50000\/","title":{"rendered":"El Salvador\u2019s Bitcoin reserve now amounts to 1,270 BTC"},"content":{"rendered":"\n
El Salvador<\/a> has accumulated 150 bitcoins when the price of bitcoin fell below $50,000.<\/h5>\n\n\n\n
\"El<\/figure>\n\n\n\n

El Salvador\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 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.<\/p>\n\n\n\n

Salvadoran President Nayib Bukele announced the acquisition of 150 bitcoins <\/a>when the market price fell below $50,000 after losing more than 15% of its worth.<\/p>\n\n\n\n

El Salvador just bought the dip! <\/p>

150 coins at an average USD price of ~$48,670 #Bitcoin <\/p>

\u2014 Nayib Bukele (@nayibbukele) December 4, 2021<\/p><\/blockquote>\n\n\n\n

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.<\/p>\n\n\n\n

\"El<\/figure>\n\n\n\n

Bukele <\/a>also admitted to losing out on buying Bitcoin when it was at its lowest point, tweeting:<\/p>\n\n\n\n

\u201cMissed the f***ing bottom by 7 minutes.\u201d<\/p><\/blockquote>\n\n\n\n

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.<\/p>\n\n\n\n

The Salvadorean government<\/a>‘s strategy involves extracting unrealized BTC profits in US dollars<\/a> to support different development initiatives while keeping the central reserve's total value stable.<\/p>\n\n\n\n

President Bukele announced the opening of Bitcoin City on November 21, a project first supported by $1 billion in Bitcoin <\/a>bonds. Bukele claims that:<\/p>\n\n\n\n

\u201cIn #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport.\u201d<\/p><\/blockquote>\n\n\n\n

The Bitcoin City initiative also includes famous crypto firms like Bitfinex <\/a>and Adam Back's Blockstream, which, according to Bukele,\u00a0 \u201cwill soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":13,"featured_media":14652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5787,152,456],"class_list":["post-14651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-president-nayib-bukele","tag-bitcoin","tag-el-salvador"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/image-39.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14651","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=14651"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/14652"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}