The President of El Salvador announced that the nation had 420 BTC during the dip. Now El Salvador has 1120 Bitcoin under management.
The president of El Salvador has completed it again. As a good Bitcoin maximalist, the value crash didn’t scare him, and instead of complaining or tweeting that his precious coin was going to $0, he just bought more Bitcoin, A LOT of Bitcoin.
In a tweet shared a number of hours ago, Nayib Bukele announced that he bought the dip. Shopping for the dip is an expression that refers to profiting from a bear market to purchase a cheap asset throughout the crash and then waiting to revenue once the costs get better.
The president of El Salvador mentioned he purchased 420 more Bitcoin —a meme number related to the marijuana community— in what appears to be yet another considered one of his many jokes, similar to calling himself emperor of his country, putting lasers on his eyes, and tweeting with hashtags allusive to the most important cryptocurrency in the crypto world.
A Profitable Investment
There is no such thing as a way to audit the government wallet, and Bukele gave no details on the TXID of the transaction. However, the investment seems to already be paying off. Barely an hour after the announcement, the president of El Salvador was already boasting about the returns on his investment.
In that case, Bukele would have shown perfect timing by actually buying the dip of the dip. In a later tweet, he provides that it’s all due to a rebalancing of accounts in the nation’s Bitcoin trust, which permits him to cash out in USD when Bitcoin goes up in value.
This rebalancing has allowed him to benefit from rising prices to fund public works. Recently Bukele introduced the construction of a large pet hospital which might be paid for with the cash obtained from the profits of the Bitcoin Trust.
El Salvador Now Owns 1120 BTC Despite All The Controversies
Regardless of his authoritarian practices, Nayib Bukele is probably the most beloved president by the Bitcoiner community and his nocoiner people as well. Bukele is commonly referenced by maximalists such as Anthony Pompliano or Michael Saylor, and polls give him above 80% approval ranking in keeping with information from greater than a dozen different surveys conducted by reputable institutions, including CID Gallup, Francisco Gavidia University, Mitofsky, and La Prensa Grafica.
Nonetheless, 70% of the people in El Salvador will not be too happy with the idea of adopting Bitcoin, describing the Bitcoin Legislation as “not clever“. The haste of its implementation led to intense anti-Bitcoin protests. The fact that BTC plummeted by nearly 10% the day it started circulating as legal tender did little to calm tempers.
But despite posting greater than $11 million in losses, BTC’s rise to a new ATH has El Salvador’s wallet within the green with about $5 million in profits even after BTC’s recent plunge below $60K.
With this purchase, El Salvador can be holding bitcoin about 1120BTC. Not bad for a newcomer.