El Salvador Spends Another $15M in Latest Bitcoin Investment -Breaking
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El Salvador invests another $15M in the latest Bitcoin investmentsNayib Bukele the President of El Salvador revealed that his country has purchased 500 BTC. Following his country’s acquisition of 500 BTC at the price of $30.744k per coin, President Bukele proudly tweeted “El Salvador bought the Dip!” The sum of the country’s latest purchase came to $15.3 million, meaning that the small Central American country now possesses a whopping $72.5 million worth of bitcoin in its vault.
El Salvador just bought the dip! 500 Coins at a USD average price of $30,000,744 #Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
Buy the Dip to Long-Term Profit
The recent economic events have seen Bitcoin drop to levels not seen since July 2021. However, it has recovered and now trades at $31,925 as of this writing. But, it still shows a 5% decline in value within the last 24 hour, which illustrates the current downtrend from many Altcoins. Although BTC has recovered some losses, it is still down 17% over the past week. On the other hand, it seems that Nayib Bukele is elated with his purchase, and even stated that he could have made a million dollars in the last 11 hours, but he doesn’t believe it’s a good idea to sell bitcoins at this crucial juncture.
I could sell this coins right now and make almost a million dollars in just 11 hours, but of course not https://t.co/BrZx3dwA5q
— Nayib Bukele (@nayibbukele) May 10, 2022
El Salvador’s President is in Love with the Crypto
El Salvador has gone on several BTC buying runs. In January 2022 Nayib Bukele bought 410 Bitcoins at $36,585. El Salvador was the first nation to accept Bitcoin as legal currency. This has earned it multiple awards from the International Monetary Fund. The IMF believes that El Salvador’s early adoption of the leading crypto is playing with fire due to the extra risks it poses to consumer protection, transparency, and the financial stability of the country.
Up to now, the extravagant president’s experiment to integrate Bitcoin into El Salvador’s everyday life hasn’t been too successful. The revival of the Chivo Wallet generated some momentum, but interest in BTC and the app itself sharply declined once citizens used the initial $30 bonus and many of the app’s users remarked that Chivo was simply too difficult to use for everyday life.
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