El Salvador’s President, Nayib Bukele, has invested his country’s money in Bitcoin to ‘Buy the Dip’ whenever the asset class’s price falls. A lot in the cryptocurrency industry are already referring to El Salvador’s President as a Chief Executive Officer (CEO), as he has run his government like it’s a business.
Today, ‘CEO’ Bukele proceeded to Twitter to declare that his ‘business,’ El Salvador, has purchased an additional 150 BTC, in addition to the 100 BTC purchased when the price of Bitcoin dropped below $60,000.
“El Salvador just purchased the dip!” he exclaimed. 150 coins for $48,670 in USD #Bitcoin” He went on to say that he missed the bottom because Bitcoin was trading as low as $42,874.62 on coinmarketcap. “I missed the f***ing bottom by 7 minutes,” he said.
What you need to know
- El Salvador now holds a total of 1,270 BTC in its Bitcoin reserve, which is worth about $61.6 million at the time of writing. The President announced the acquisition of 100 BTC on November 26th, only 8 days ago.
- The Salvadoran government’s strategy includes extracting unrealized BTC gains in US dollars to fund various development projects while keeping the central reserve’s overall value stable.
- On the eve of the country’s Bitcoin Law taking effect on September 7, President Nayib Bukele revealed that El Salvador would be making its first significant BTC purchase, purchasing 200 BTC at a price of around $52,000. The country has added 1,020 BTC, with the country buying anytime there is a significant drop in the price of Bitcoin.
- Nayib Bukele has proposed several projects centered on Bitcoin adoption and mining in the country. The government has begun building the infrastructure needed to support Chivo, the government-issued Bitcoin wallet, and has lately announced intentions to build its own Bitcoin City at the base of a volcano, first funded with $1 billion in Bitcoin bonds.
The Salvadoran government has been spending revenues from the use of Bitcoin as a legal tender on numerous infrastructure development projects. The President declared in mid-October that $4 million from the proceeds of their Bitcoin Trust would be utilized to build a new veterinary hospital in San Salvador’s city. Bukele declared in early November that the state’s Bitcoin Trust account excess would be utilized to build 20 new schools.
Many Salvadorans, on the other hand, have spoken out against crypto projects, particularly Bukele and Bitcoin. Residents marching through the capital city in September damaged the ruins of one of the Chivo kiosks with anti-BTC logos and placards.