Find out how much El Salvador has made by trading Bitcoin
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Answer Find out how much El Salvador has made by trading Bitcoin
El Salvador’s decision to buy bitcoin when it’s falling, which is a simple buy on dip strategy that is widely used by novice and experienced traders alike.
Below are the results of such a strategy that is being implemented by an entire country in Central America.
Latest 100 bitcoin purchase:
The latest activity from El Salvador towards bitcoin was last Friday, which saw the cryptocurrency market plummet amid the announcement of new pandemic measures in most countries in Europe.
Due to the rapid increase in risk in the market, more and more traders exited the markets and held fiat currencies.
In addition, the drop in the price of oil led to a global correction in the markets, which then reflected on the cryptocurrency market.
Read:The founder of the mining giant “Bitmain”: This is my opinion on the price of Bitcoin
Bitcoin and other major currencies lost nearly 15% in total.
On November 26, El Salvador’s president, Nayib Bukele, stated that the country had bought an additional 100 bitcoins, which are now worth 6.8% more than their lowest point three days ago.
The value of El Salvador’s position in Bitcoin increased by $389,000.
Previous trades for El Salvador:
Previously, El Salvador bought 150 bitcoins when the bitcoin price fell in September.
At the time, the price of the first cryptocurrency fell to $43,000 from its then near peak of $52,000.
According to TradingView, Bitcoin has gained more than 30% of its value since then.
If El Salvador had sold the bitcoin it bought at $43,000, its portfolio would have risen by $2.1 million even after a 15% correction from the peak at $69,000.
After the latest deal, El Salvador owns 800 bitcoins, which are now worth about $45 million.
Peter Schiff, a famous critic of the cryptocurrency market, accused the head of state of causing a lot of risks to the country’s economy by following a trading strategy while managing the entire state budget.
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