Nayib Bukele, president and self-proclaimed “Emperor of El Salvador,” took advantage of today’s drop in bitcoin (BTC) prices to boost his country’s reserves.
Yesterday (27), on Twitter, Bukele announced, in English (the lingua franca of the Bitcoin system, but not of its citizens) that he had bought it in the fall.
Bitcoin, which hit a record high above $67,000 last week, had dropped below $60,000 this week.
The amount of BTC he bought was icing on the cake: 420 BTC (number associated with cannabis culture).
On September 7, El Salvador adopted bitcoin as its currency. In the last two months, Bukele has made four bitcoin purchases with the country’s coffers.
According to magazine estimates Disruptiva, El Salvador bought 200 BTC at $51.3 thousand each on September 6 and another batch of 200 BTC at $51.5 thousand.
The next day, it bought 150 BTC at $52,000, and finally, on September 19, El Salvador had bought in the fall, buying another 150 BTC at $45,700 per currency.
After accumulating a portfolio of more than $11 million in unrealized losses, the price of bitcoin began to recover, reaching a new high.
With this new acquisition, Bukele increased El Salvador’s reserves to 1,120 BTC at an average price of $68.6 thousand per currency. As bitcoin price is in US$ 61,2 mil, the country managed to guarantee a good return (despite not being realized) for its investment.
*Translated and edited by Daniela Pereira do Nascimento with authorization from Decrypt.co.