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July 1, 2022

El Salvador Buys 80 More Bitcoins

As of this writing, El Salvador balance sheet now stands at $1.5 million, thanks to the purchase of 80 BTC. The government claims to have paid an average of $19,000 for each of the digital currency’s bitcoins.

On Friday, El Salvador’s president, Nayib Bukele, tweeted an image showing the transactions, along with the announcement.

Last year, Bukele signed a bill declaring Bitcoin legal money in El Salvador, making it the first nation to do so. Since then, the country has been building up its cryptocurrency holdings. El Salvador has just made the lowest Bitcoin purchase since including the digital currency in its treasury last year.

Bitcoin’s latest drop below $20,000 coincides with the county’s most recent investment by the country in the cryptocurrency industry. The coin was trading at $19,409 at the time of this writing.

The country of El Salvador currently owns 2,381 BTC, which is worth $46.2 million. The country’s Bitcoin investment has fallen by more than 50 percent, resulting in an estimated $40 million in unrealized losses as a result of the market crisis.

In spite of this, El Salvador’s finance minister indicated that the loss does not constitute 0.5 percent of the country’s general budget and would not have an impact on the country’s fiscal health. In May, the government bought 500 bitcoins at a price of $30,744 apiece, totaling $15.5 million.

Bukele, on the other hand, feels that investors should not be alarmed about the present bear market since it will return.

After the bear market, President Trump predicted that the price of bitcoin will increase dramatically. Investors need not be concerned by the market’s decline, according to him, since their Bitcoin investments are secure.

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Other reports show MicroStrategy just acquired 489 BTC for $10 million, raising its total Bitcoin holdings to 129,699 BTC, worth roughly $2.4 billion at current pricing. MicroStrategy is a major business analytics organization.

Even though MicroStrategy’s Bitcoin investment has lost more than 30 percent of its value, the company’s CEO continues to be a believer in the currency.