Bitcoin Recovers as EL Salvador Brought yet another Crypto Market Dip
Bitcoin recovers as EL Salvador’s President Nayib Bukele announces purchase of further 420 BTCs.
El Salvador brought in another Stash of 420 BTCs
According to a recent tweet by the country’s President Nayib Bukele, El Salvador has added another stash of 420 BTCs to previously held 700 BTCs. With the development El Salvador now has 1120 BTCs in total. El Salvador made a recent purchase at $58k, equals to approximately $24 million in total. Whereas the country now has approximately $68 million worth of BTCs at the current rate of $61k.
As President Nayib Bukele noted in a tweet, El Salvador has already started to benefit from the purchase. Buying the dip at $58,000 has fetched the nation $3k per BTC purchased, which accumulates to $360k in total.
El Salvador in Profits
Recently Bukele also educated the nation regarding the way Bitcoin earns the country the profits. He tweeted that the country has a trust fund accounted for in USD but the trust is not only funded by BTC but by USD too. Bukele further explained:
“When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total.”
How do we make a profit if 1 #BTC= 1 #BTC?
We have a trust fund accounted in USD, but the trust is funded by both USD and BTC.
When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total.
— Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021
President Nayib Bukele has made an announcement to build a Veterinary Hospital in Country’s capital.
Further, as of today, El Salvador’s policy to buy the dip is working seemingly perfectly.
Initially the country purchased 700 BTC on installments spanning over two weeks. The stash was brought in at the rate of $48k per BTC.
After hitting the top of $66k the BTC corrected as it reached $58k in during the following week. The announcement from Nayib Bukele has caused the BTC to recover swiftly as it is currently trading at $61,100 up by over 3% during 24 hours.
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