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El Salvador Just Bought Another $1.5M Bitcoin: 'Thank You For Selling Cheap'

Published 01/07/2022, 05:41
Updated 01/07/2022, 06:40
© Reuters El Salvador Just Bought Another $1.5M Bitcoin: 'Thank You For Selling Cheap'

El Salvador’s President Nayib Bukele announced today that the nation has acquired an additional 80 Bitcoin (CRYPTO: BTC) at an average price of $19,000 each.

What Happened: In a tweet on Thursday, Bukele shared screenshots of a series of incremental BTC purchases on June 30.

“Thank you for selling cheap,” said Bukele.

The total amount of Bitcoin acquired in this latest round of purchasing was worth about $1.52 million.

Why It Matters: Thursday’s buying spree marks the eleventh time El Salvador has purchased Bitcoin. The nation now holds 2,381 BTC, acquired at an average price of $43,000 per coin.

Earlier this year, when Bitcoin was trading above $38,000, Benzinga reported that El Salvador was down 20% on its cryptocurrency investment.

At the time, the nation held 1,801 BTC worth $68 million and had lost around $18 million worth of public funds with the market downturn. Today, El Salvador has lost a cumulative $57 million of public funds, according to estimates from market participants tracking its buys.

Bukele isn’t the only Bitcoin bull that refuses to stop buying the asset as it loses more value. MicroStrategy Incorporated (NASDAQ: MSTR) CEO Michael Saylor announced that the company had acquired 480 BTC worth $10 million at an average price of $20,817 per coin on Thursday.

Price Action: Bitcoin is currently trading 70% below its all-time high of $69,044 seen in November. At press time, the leading digital asset was trading at $20,110.

Photo via Marcelo Mollaretti on Shutterstock

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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