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December 8, 2022
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Bitcoin

El Salvador accumulates 150 Bitcoin after the price drops below $50K

With this purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 Bitcoin, which was worth nearly $60 million.

The Republic of El Salvador acquired 150 Bitcoin amid the biggest bear market since Bitcoin hit a high of nearly $68,000 in the first week of November.

Salvadoran President Nayib Bukele announced the purchase of 150 Bitcoins as the market price momentarily dropped below $50,000 after losing more than 15% in market value.

While President Bukele could make the purchase for $48,670 per currency, the bear market temporarily lowered Bitcoin’s price to nearly $42,000 after falling more than 37% from its all-time high.

BTC / USD market price. Source: TradingView

Bukele also acknowledged that he lost his Bitcoin purchase at least while tweeted:

I lost the bottom “drug” for 7 minutes.

With that purchase, El Salvador’s Bitcoin pool now amounts to 1,270 Bitcoins, which were worth nearly $60 million at the time of writing. Earlier, the President announced the purchase of 420 Bitcoin on Oct. 28 during a temporary market slump.

The Salvadoran president’s game plan includes withdrawing unrealized Bitcoin earnings in US dollars to fund various development projects while maintaining the overall value of the central reserve.

On November 21, President Bukele announced the launch of Bitcoin City, an initiative funded initially by $1 billion in Bitcoin bonds. According to Bukele:

In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport.

The Bitcoin City project also sees the involvement of prominent cryptocurrency companies, including Bitfinex cryptocurrency and Adam Back’s Blockstream, which, according to Bukele, “will soon be home to many local and foreign digital asset offerings, developing new ones digital asset regulations for the country”.

Source: Cointelgraph

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