El Salvador’s president and crypto enthusiast, Nayib Bukele, recently revealed that his government upped its whole BTC holdings by 500 coins in an investment move targeted at taking advantage of the current downturn.

Bukele announced via his official Twitter account that the government has just invested $15.3 million in Bitcoin (BTC), purchasing 500 coins at an average price of $30,744 during the recent crypto market downturn, bringing the country’s total BTC held to at least 2,301.

About 12 hours after Bukele’s statement, Justin Sun, a Chinese-Grenadian business leader and founder of TRON, followed in El Salvador’s footsteps by purchasing 500 BTC coins for $15.5 million at an average price of $31031.35.

As indicated by his Twitter feed, El Salvador’s Bukele appears to be having a good time with the slump. He said 11 hours later that he could have sold the 500 coins for a million dollars profit, but that he would not.

El Salvador stands out as one of the most crypto-friendly countries in the world. In September of last year, it became the first country to recognize bitcoin as legal cash. Nayib Bukele, the country’s president, is a 40-year-old businessman who has consistently expressed support for Bitcoin.

Bukele has already taken advantage of price drops in the cryptocurrency market. This was one day before the government declared Bitcoin to be legal money.

After four days of unrelenting bloodletting, the recent fall in the crypto market appears to be far from over. BTC is currently valued at $31.5k per dollar, down 34% from its all-time high of $47.8k earlier this year. The asset recently fell to $29.9k, its lowest point since July 2021.

As is customary, Bitcoin has taken down most of the major cryptocurrencies, forcing some investors to give up, while others, such as the government of El Salvador and the Tron founder, are hoping to profit from the present slump in the hopes of a significant rebound.

Share