A purchase of 150 BTC additional to the recent collapse
The President of El Salvador, Nayib Bukele, allocated his country’s cash flow to Bitcoin because Bitcoin is designed to “buy” when asset class prices fall. Many members of the community crypto-currencies now call the president of El Salvador the CEO because he runs his country like a CEO runs a business.
On December 4, the “CEO” Booker announced on Twitter that his “company” El Salvador had just bought 150 BTC additional, in addition to the 100 BTC bought by Latin American countries when the crypto market collapsed. It is safe to say that El Salvador is the most optimistic country on bitcoin, as it has legalized the main one cryptocurrency earlier this year. Earlier in the day, Bukele reported that the country had indeed started to accumulate more coins. This 150-piece purchase came amid the price drop from BTC as assets fell below $ 50,000 for the first time in two months.
With an average price of $ 48,670, that means El Salvador spent $ 7.3 million to buy all 150 bitcoins. This purchase brings El Salvador’s Bitcoin reserve to a total of 1,270 BTC, which is nearly $ 61.6 million at the time of writing. On November 26, just 8 days ago, the President announced the purchase of 100 BTC.
The price of Bitcoin is currently trading at € 45,273.74 EUR with a 24 hour trading volume of € 33,668,676,823 EUR. the Bitcoin has therefore declined by 36% in the past 24 hours.
A completely successful adoption for Salvador
The Salvadoran government’s game plan includes the withdrawal of unrealized gains in BTC in US dollars to finance various development projects while maintaining the overall value of the central reserve.
the President Nayib Bukele first announced that El Salvador would make its first major purchase of BTC on the eve of the country’s Bitcoin law coming into effect on September 7, by purchasing 200 BTC while the price was around $ 52,000. The nation saw 1,020 BTC, the nation buying whenever there has been a significant sell off in the price of Bitcoin.
Nayib Bukele has proposed several initiatives in the country around the adoption and mining of Bitcoin. The government has started building the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own volcano-based Bitcoin town, initially funded by $ 1 billion in Bitcoin bonds.
Since the adoption of Bitcoin as legal tender, the Salvadoran government has invested the gains in various infrastructure development projects. In mid-October, the president announced that the $ 4 million in profits from their Bitcoin Trust will be used to build a new veterinary hospital in the capital, San Salvador. Beginning of November, Bukele announced that the surplus generated by the state’s Bitcoin Trust account will be used to build 20 new schools.
However, many Salvadorans pushed back against crypto initiatives, specifically protesting against Bukele and Bitcoin. In September, residents marching in the capital destroyed one of the kiosks Chivo and disfigured the remains with logos and signs anti-BTC. This even though the president has announced that no one will be forced to use BTC.
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El Salvador bought an additional 150 BTC amid the crypto market crash.