El Salvador’s president and crypto enthusiast, Nayib Bukele, has stated that his government just recently increased its entire BTC holdings by 500 coins in an investment move aimed at capitalising on the current dip.
El Salvador’s Bukele appears to having fun with the dip
Bukele revealed via his official Twitter handle that the country had just invested $15.3 million in BTC, purchasing 500 coins at an average price of $30,744 amid the latest crypto market slump as it raises the country’s total BTC held to at least 2,301.
About 12 hours following Bukele’s announcement, Chinese-Grenadian business executive and founder of TRON, Justin Sun followed in El Salvador’s footsteps by throwing in $15.5 million into BTC in his purchase of 500 coins at an average price of $31031.35.
El Salvador’s Bukele appears to be having fun with the dip, as evidenced by his Twitter page. He indicated 11 hours after the purchase that he could have sold the 500 coins for a million dollar profit, but that he would not be doing so.
El Salvador distinguishes itself as one of the world’s most crypto-friendly countries. It became the first nation to recognise bitcoin as legal tender in September of last year. The country’s president, 40-year-old businessman Nayib Bukele has regularly expressed support for Bitcoin.
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Bukele has in time past taken advantage of the dip in the crypto market on several occasions. In a series of tweets, he revealed that the country bought 400 coins in separate transactions just a few hours apart at a total price of $20.9 million. This was a day before the government officially made Bitcoin legal tender.
Where’s the market headed at this time?
The recent dip in the crypto market appears to be far from done after four days of nonstop bloodletting. BTC is currently trading at $31.5k against the dollar, down 34% from its all-time high of $47.8k earlier this year. The asset had recently plunged to $29.9k, its lowest level since July 2021.
As usual, Bitcoin has taken down most of the main cryptocurrencies, causing some investors to capitulate, while others, such as El Salvador’s government and Justin Sun, seek to take advantage of the current dip as they anticipate a major comeback.
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