El Salvador 'Misses Bottom' as It Buys 150 More BTC
Bitcoin

El Salvador 'Misses Bottom' as It Buys 150 More BTC

6 months ago

At its lowest point, BTC had slumped to lows of about $42,800 — and had El Salvador been a little quicker with its purchase, it would have instantly made a profit of about $900,000.

El Salvador 'Misses Bottom' as It Buys 150 More BTC

Daftar Isi

As is tradition when Bitcoin slumps, El Salvador has "bought the dip."

On Twitter, President Nayib Bukele declared that the Central American country has snapped up another 150 BTC to hold in reserve.
Its latest purchase commanded an average price of $48,670, and followed BTC's stomach-churning plunge on Saturday morning.

"Buying the dip" involves purchasing crypto when markets fall — and for many enthusiasts, sharp crashes present an irresistible opportunity to gain exposure at low price points.

But it was a bittersweet acquisition for Bukele, who added:

"Missed the f***ing bottom by seven minutes."

At its lowest point, BTC had slumped to lows of about $42,800 — and had El Salvador been a little quicker with its purchase, it would have instantly made a profit of about $900,000.

Alas, trying to acquire cryptocurrency is easier said than done when markets suddenly surge or crash — not least because a number of trading platforms end up suffering outages or severe disruption.

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Row Breaks Out on Crypto Twitter

Inevitably, some skeptics on Crypto Twitter took the opportunity to criticize Bukele for investing in such a volatile asset.

One of them was Peter Schiff, who wrote: 

"There's a lot more dips coming.  How much taxpayer money do you intend to waste?"

Bukele wasted little time in replying — and instead, the president turned his attention to gold, Schiff's preferred store of value. He wrote:

"None. We're already in the green from our last purchase, in less than 24 hours. You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we had sold it a year ago and bought Bitcoin, it would now be valued at $204 million."

The president's post has since been retweeted more than 10,000 times — but then again, it's fair to say he's won over many admirers within the crypto community since El Salvador made Bitcoin legal tender back in September.

Schiff sought to have the last word, writing: 

"You're in the green for now.  Let's see how long it lasts.  Plus you're still in the red on the Bitcoin you bought on last week's dip.  You are making a huge bet using other people's money. It's not likely to end well for them or you!"

Unfortunately for Peter, even his son Spencer isn't on his side. The teenager also wrote a message to Bukele, and said:

"My dad's reply is your signal to buy more."

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