El Salvador Stacks Another 100 Bitcoin In Its Bitcoin Fund

2021-11-29 20:49:10

President Nayib Bukele of El Salvador announced that his country made a purchase of yet another 100 bitcoin. Or, $5.4m worth of the most expensive digital coin on the planet. More specifically, the President of El Salvador went to Twitter to break the news.

Moreover, many view the recent tweet to be a statement by the President. Especially after the slump of the crypto market in the past weeks, with bitcoin in particular.

El Salvador just bought the dip. 100 extra coins acquired with a discount.Nayib Bukele | President of El Salvador

After purchasing the last batch of 100 bitcoin, El Salvador now has a total of 1.120 bitcoin. This amounts to almost $66 million, depending on the price of bitcoin at the moment.

In fact, the recent purchase of 100 bitcoin is just a sequel to October’s massive deal when El Salvador bought 420 bitcoin. And just as now, the country used the below $60k drop of bitcoin and immediately decided to purchase a substantial amount.

While many financial experts still believe this project will turn out a disaster, the President surely thinks otherwise. One such individual is Peter Schiff, who calls the bitcoin venture of El Salvador an ‘unfortunate’ event for the people of El Salvador.

However, so far there are no indications that El Salvador is having second thoughts about going crypto. As a matter of fact, the country already started to reap the profits from the bitcoin reserves to build a pet hospital. All with funds from the bitcoin trust.

This month, President Bukele even announced that El Salvador will build the first bitcoin city in the world. And that the entire city will be powered by a nearby volcano. With this, it is clear that the country intends to further pursue this successful bitcoin venture in the future.

Related Posts

Leave a Reply