Monday, August 8

El Salvador adds another 420 bitcoin to its reserves


Key facts:
  • President Nayib Bukele announced the new acquisition of BTC through his Twitter account.

  • Bukele claimed that they bought “the dip,” referring to the recent decline in the price of bitcoin.

El Salvador’s president, Nayib Bukele, announced a new acquisition of 420 bitcoin, about $ 25 million, for his country’s reserves. The Salvadoran president made the information public through a tweet on his account @nayibbukele.

This would be the buyback announced by Bukele, since the law that made bitcoin legal tender in El Salvador came into force. With this new operation, the reserves of the Central American country amount to 1,120 BTC, about $ 66 million at the current price.

“It was a long wait, but it was worth it. We just bought the fall! 420 new Bitcoin ”, translates the tweeted by Bukele, originally published in English. “Buy the fall” is an expression that is used frequently in the bitcoin space, to denote that declines in price are the best times to buy. Bitcoin has corrected 12% after setting a new all-time high of $ 66,930 per unit, on October 20.

As reported by CriptoNoticias, on September 7, 2021, the date the Bitcoin Law came into effect in El Salvador, President Bukele announced two purchases of 200 BTC each. Later, other two acquisitions for 150 BTC, the most recent, held on September 19, also coinciding with a price decline, which took it to $ 45 thousand per BTC. At that time, he accompanied the ad with another tweet where he says: “They can’t beat you if you buy in the fall.”

President Nayib Bukele made the announcement of the purchase of BTC through his account on the social network Twitter.

Up to now, none of the announcements about bitcoin purchases have been accompanied by more details than the amount of the operations. This has generated criticism for the opacity in the management of Bitcoin reserves within El Salvador.

Recently, a media saLvadoran published an investigation in which it indicates that the purchases of bitcoin announced by the president are not officially registered in any of the institutions in charge of the monetary policy of El Salvador.





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