El Salvador government buys down Bitcoin and adds more to its wallet
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Answer El Salvador government buys down Bitcoin and adds more to its wallet
The president of El Salvador has done it again.
As a major supporter of Bitcoin now, he has not been intimidated by the decline in the price of Bitcoin.
Instead of complaining or tweeting that his precious cryptocurrency would hit $0, he bought more bitcoin.
In a tweet shared hours ago, Najib Bukele announced that he had bought the bottom.
Buy on dip is an expression that refers to taking advantage of a bear market to buy a cheap asset during a crash and then waiting to take profits once prices recover.
It was a long wait, but it was worth it.
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We just bought the snorkel!
420 new # bitcoin🇸🇻
– Nayib Bukele 🇸🇻 (nayibbukele) October 27, 2021
The president of El Salvador has stated that he bought 420 bitcoin – a meme number linked to the marijuana community – in what appears to be another of his many jokes, such as calling himself the emperor of his country, putting a laser in his eyes, and tweeting hashtags referring to the most important cryptocurrencies.
profitable investment:
There is no way to audit El Salvador’s government wallet, as Bukele did not provide any details of the TXID of his past transactions.
But it appears that El Salvador’s investment in Bitcoin is already paying off.
An hour after announcing the purchase of more bitcoin, the president of El Salvador was already bragging about his investment returns.
Ha-ha-ha we’re already making a profit from # bitcoin We just bought.
– Nayib Bukele 🇸🇻 (nayibbukele) October 27, 2021
If so, Bukele showed perfect timing by buying the dip.
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In a subsequent tweet, he added that it was all due to the rebalancing of accounts in the country’s Bitcoin Fund, which allows him to cash out in dollars when the price of Bitcoin rises.
This rebalancing allowed him to take advantage of higher prices to fund public works.
Bukele recently announced the construction of a large pet hospital that will be paid for with funds raised from the profits of the Bitcoin Trust.
El Salvador now owns 1,120 Bitcoin:
Despite his authoritarian practices, Najib Bukele is perhaps the beloved president of the crypto community.
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But 70% of people in El Salvador are not very happy with the idea of adopting bitcoin, calling the bitcoin law unwise.
The rush to implement his law has led to fierce protests against bitcoin.
The fact that bitcoin dropped nearly 10% on the day bitcoin began trading as legal tender has done little to calm the nerves.
But despite incurring more than $11 million in losses, Bitcoin’s rise to a new high has put El Salvador’s wallet in good shape with profits of around $5 million even after Bitcoin’s recent drop below $60,000.
With this purchase, El Salvador would have held around 1,120 BTC.
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