The President of El Salvador, Nayib Bukele, is recognized for his bold decisions, especially when it comes to plans regarding Bitcoin. The Central American country has already made its mark after adopting BTC. However, the country continues to surprise everyone interested and invested in the crypto space.
The spotlight is once again on President Bukele as he reportedly announced buying the dip, despite the price crash seen for Bitcoin. This initiative taken by the Salvadoran President can be seen as a smart investment as buying the dip means purchasing an asset in large amounts when the price is low. Once the price surges, the parties who bought the dip eventually see the benefit.
After holding the $60k price region, the flagship crypto asset is now trading at $59,164 (at the time of writing).
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How Much Has El Salvador Purchased?
President Nayib Bukele has reacted to BTC’s price crash like a Bitcoin maximalist. Instead of being concerned or doubting his stance, he has very boldly purchased 420 more Bitcoin.
This adds to the 700 BTC already purchased by the country, which now sums up to 1120 Bitcoin in total that is under management in El Salvador.
The Salvador President announced by sharing a tweet a few hours ago.
While there has been a lot of controversy regarding the adoption of BTC and its benefits for the country, the investment has proven to be profitable as revealed by the President.
There were no details disclosed on the TXID of the transaction by the President. The government wallet cannot be audited either. However, shortly after buying the dip, Nayib Bukele stated that El Salvador was already getting profits from the investment.
He also added that the accounts of El Salvador’s BTC Trust have been rebalanced that led to the profits. This rebalancing allows Bukele to cash out USD when Bitcoin sees a price surge.
This is how the President has been able to use the profits from the BTC Trust to fund public works such as the construction of the veterinary hospital.
Can it Be Beneficial for Bitcoin?
Bitcoin is the largest digital currency in the world and despite price fluctuations seen for the asset, it maintains its position at the top.
Adopting BTC as a legal tender was indeed an astonishing decision made by the government of El Salvador. Even though a large number of citizens have been skeptical, the Bitcoin Trust has generated profits for the country.
Even now, the investment in BTC made by President Bukele may not be fully understood by the citizens but it is appreciated by the crypto community. Not everyone is keen to buy an asset while its price crashes. However, it has not only proven to be beneficial for El Salvador but has also highlighted BTC’s significance more.
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