El Salvador’s President Nayib Bukele announced today that the nation has acquired an additional 80 Bitcoin (CRYPTO: BTC) at an average price of $19,000 each.
What Happened: In a tweet on Thursday, Bukele shared screenshots of a series of incremental BTC purchases on June 30.
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
Thank you for selling cheap pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
“Thank you for selling cheap,” said Bukele.
The total amount of Bitcoin acquired in this latest round of purchasing was worth about $1.52 million.
Why It Matters: Thursday’s buying spree marks the eleventh time El Salvador has purchased Bitcoin. The nation now holds 2,381 BTC, acquired at an average price of $43,000 per coin.
Earlier this year, when Bitcoin was trading above $38,000, Benzinga reported that El Salvador was down 20% on its cryptocurrency investment.
At the time, the nation held 1,801 BTC worth $68 million and had lost around $18 million worth of public funds with the market downturn. Today, El Salvador has lost a cumulative $57 million of public funds, according to estimates from market participants tracking its buys.
— db (@tier10k) July 1, 2022
Bukele isn’t the only Bitcoin bull that refuses to stop buying the asset as it loses more value. MicroStrategy Incorporated (NASDAQ:MSTR) CEO Michael Saylor announced that the company had acquired 480 BTC worth $10 million at an average price of $20,817 per coin on Thursday.
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817
— Michael Saylorï¿½ (@saylor) June 29, 2022
See Also: IS BITCOIN A GOOD INVESTMENT?
Price Action: Bitcoin is currently trading 70% below its all-time high of $69,044 seen in November. At press time, the leading digital asset was trading at $20,110.
Photo via Marcelo Mollaretti on Shutterstock