Salvadorean President Bukele stacks 150 Bitcoin following its price crashes below $50k
The Republic of El Salvador has reportedly procured 150 Bitcoin amid the biggest bear market since the crypt token had attained an all-time high of around $68,000 in the first week of November.
El Salvador’s President, Nayib Bukele, has recently announced the purchase of 150 Bitcoin as the market price had momentarily slipped below $50,000, following it losing over 15 per cent in market value.
While Bukele’s government had been able to make the purchase at $48,670 per coin, the bear market had temporarily brought down the Bitcoin price to almost $42,000 after it recorded a fall of over 37 per cent from its all-time high.
Bukele has also acknowledged missing out on Bitcoin purchases at its bottom, as he said in a tweet – “Missed the f***ing bottom by 7 minutes.”
With the current purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 Bitcoin, which is worth about $60.3 million at the time of writing this news piece.
Previously, the President had announced purchasing 420 Bitcoin on October 28 during a temporary bearish market incident.
The Salvadorean government’s game plan actually includes withdrawing unrealized Bitcoin gains in US dollars for funding its various developmental projects while simultaneously maintaining the overall value of the central reserve, as predicted by analysts and observers.
On November 21, President Bukele had announced the launch of Bitcoin City, which is an initiative funded by $1 billion Bitcoin bonds initially.
According to Bukele, in Bitcoin City, people would have “digital and technological education,” including “geothermal energy for the entire city”, as well as efficient and sustainable public transport.
The Bitcoin City project also records the huge involvement of prominent crypto firms, including cryptocurrency exchange Bitfinex and Blockstream. According to Bukele, this would “soon be home to many local and foreign digital assets offerings” who are developing a new digital asset regulatory framework for the country.