Nayib Bukele is unfazed by this week’s downward market in Bitcoin. He’s taken advantage of the chance to obtain an additional 100 Bitcoin.
El Salvador’s President, Nayib Bukele, recently stated that his nation has acquired an additional 100 Bitcoin. At today’s pricing, it equates to almost $5.4 million in the major cryptocurrency.
As is customary, the “CEO” of El Salvador (as his profile indicates) casually announced the acquisition on Friday via Twitter. Despite Bitcoin’s recent down market, the president has not questioned his investment. Rather than that, he saw it as an opportunity to accumulate sats.
“El Salvador just purchased the dip. “100 more coins earned at a bargain,” the tweet states. The president revealed a far bigger purchase of 420 Bitcoins last month, as the currency’s dollar price fell into the low six-digit region. El Salvador currently owns well over 1000 Bitcoin, when combined with the latest acquisition.
As usual, Peter Schiff, the infamous anti-Bitcoin gold bug, was unimpressed. In response to Bukele, he said that the acquisition was “unfortunate” for the people of El Salvador and that he believes the country would ultimately sell its Bitcoin.
El Salvador, on the other hand, has made it quite clear that it intends to HODL. The president announced three successive Bitcoin investments on the day it became legal money in the nation, despite the currency’s precipitous decline in value. Then, when the price of Bitcoin skyrocketed last month, El Salvador utilised the earnings to construct a pet hospital — but only using the dollars in its Bitcoin fund.
Commitment To Bitcoin Over Time
Bukele recently revealed El Salvador’s ambitions to construct a “Bitcoin City” using a $1 billion “volcano bond.” Half of the cash will be used to purchase Bitcoin, while the other half will be invested in Bitcoin mining infrastructure that will take use of the country’s volcanic energy.
This is more evidence of El Salvador’s long-term belief in the price rise of Bitcoin. If it does, the nation’s income from Bitcoin ownership and mining will assist in repaying the bonds’ yearly coupon of 6.5 percent. Since 2013, Bitcoin’s average yearly price gain has reached 100%.
Also Read: The Bank Of Canada Asserts That Cryptocurrencies Do Not Currently Pose Significant Economic Risks
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