El Salvador's Bitcoin is Down By Tens of Millions — But Bukele Still Buys Another 500 BTC
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El Salvador's Bitcoin is Down By Tens of Millions — But Bukele Still Buys Another 500 BTC

2mo ago

On Twitter, the president confirmed that the Central American nation has just purchased an additional 500 BTC at an average price of $30,744 per coin.

El Salvador's Bitcoin is Down By Tens of Millions — But Bukele Still Buys Another 500 BTC

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El Salvador may be in a state of emergency right now, but it seems Nayib Bukele is still keeping a close eye on Bitcoin's price.

On Twitter, the president confirmed that the Central American nation has just purchased an additional 500 BTC at an average price of $30,744 per coin.

Overall, that's worth more than $15 million — and it comes as the country's other BTC investments remain seriously underwater.

At 8am London time on Tuesday, when BTC's price had recovered to $32,000, Bukele followed up with another tweet that declared:

"I could sell these coins right now and make almost a million dollars in just 11 hours, but of course not."

El Salvador's Losses

It's difficult to determine exactly how much Bitcoin is owned by El Salvador — and the exact prices purchases were made for.

But data tracked by Bloomberg suggests that a total of 2,301 BTC has been acquired so far.

Back in January 2022, 410 BTC was snapped up — and at current prices, this investment has plunged by $1.8 million.

The 171 BTC bought in December 2021 has shed $2.8 million, while 100 BTC bought in November 2021 for $54,108 apiece has fallen by a total of $2.2 million.

Bitcoin acquired when El Salvador first made this cryptocurrency legal tender last September is also heavily in the red at this point — unsurprising considering BTC was worth over $50,000 back then.

A close correlation with Wall Street means that BTC could fall further in the coming days.

During the 2018 bear market, Bitcoin fell by 80% overall — and if this pattern was to be repeated, the world's biggest cryptocurrency could end up touching lows of $14,000 in the months ahead.

While past performance doesn't always indicate what lies ahead in the future, the current economic climate suggests $30,000 may not be rock bottom for BTC.

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