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El Salvador Isn’t Done Buying Bitcoin

El Salvador Isn’t Done Buying Bitcoin At A Discount As It Splashes $7 Million On Fresh BTC Purchase

By Newton Gitonga – December 4, 2021

El Salvador has continued to defy the mantra that “people never miss an opportunity to miss an opportunity”, scooping an additional 150 Bitcoins following a rare discount on the asset’s price as it dipped on Saturday morning.

Announcing the purchase following the frightful price shed, an overly excited president Bukele could not hide his joy at having caught such a rare opportunity, accompanying his message with a party face emoji.

Although he was disappointed at missing the bottom by seven minutes, the move elicited a lot of positive feedback from his followers at one time prompting BitTorrent C.E.O Justin Sun to take up the 150 coin challenge.

“To match the CEO of El Salvador Nayib Bukele’s offer, I just bought the dip! 100 coins at an average USD price of 47,627.03,” Sun said.

He would later add 50 more coins to his foray after Bukele coerced him saying, “You must buy 50 more coins to match. It’s just a couple million dollars more… Come on!”

According to statistics, the latest purchase by El Salvador cost an estimated $7.3 million, a fact that Gold die-hard Peter Schiff could not get around his head.

“There are a lot more dips coming. How much taxpayer money do you intend to waste?” he said.

Last month, the country forged a partnership with Blockstream which would see it create $1 billion in tokenized bonds to be offered for purchase by private individuals. According to the announcement, half of the amount would be set aside to purchase more Bitcoin, which answers Schiff’s question.

President Bukele has also been previously quoted saying that whereas some of the profits would be put into development projects which are already up and running, part of the proceeds would be splurged on the asset.

This is the sixth time El Salvador is snatching up more Bitcoin, with the purchase coming only a week after the country bought another 100 coins as the asset showed signs of a bulling reversal around $57,400.

The central American nation now holds a total of 1,270 coins in its coffers and sits fourth in the number of countries that hold Bitcoin in their treasuries globally.

It is however important to note that El Salvador holds the record of the country with Bitcoin as its legal tender. It is also the nation with the largest number of Bitcoin purchases using taxpayer money and proceeds from previous purchases while most of the leading countries acquired their BTC holdings through confiscation.

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The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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