Key Takeaways:
- El Salvador just bought the dip stacking 150 bitcoins after the bitcoin price fell below $50k, losing more than 15% of its value.
- Bitcoin is currently down 42% from its peak ($69k -> $40.2k).
- El Salvador’s Bitcoin reserve has increased to 1,270 BTC, worth over $60.3 million at the time of writing. Before that, on October 28, the President announced the purchase of 420 Bitcoin during a brief bear market.
Salvadoran President Nayib Bukele announced the purchase of 150 bitcoins after the market price briefly fell below $50,000 after losing over 15% of its value.
El Salvador has acquired 150 Bitcoin (BTC) amid the most severe bear market since Bitcoin reached an all-time high of about $68,000 in the first week of November.
“El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 ????”
While Bukele’s authorities were able to complete the purchase at $48,670 per coin, the bear market swiftly drove the price of Bitcoin down to over $42,000, a drop of over 37% from its all-time high.
As per a twitter handle, @WuBlockchain:
Justin Sun (CEO of BitTorrent, TRON Foundation founder, and Peiwo app creator) announced that he followed El Salvador’s lead and purchased 100 bitcoins at an average price of 47,627.03.
“To match the CEO of El Salvador @nayibbukele’s offer, I just bought the dip! “
Bukele also admits to losing out on buying Bitcoin when it was at its lowest point, tweeting:
“I missed the fucking bottom by 7 minutes.”
Bitcoin fell to $43.5k, while Ethereum fell to $3.54k. On the other hand, prices are rebounding, with the highest #buythedip interest rise in three months.
Many verified Twitter accounts are expressing their concerns about the sudden dip by making comments like:
“EVERY #BITCOIN DIP MAKES ME MORE BULLISH!”
“The price of #Bitcoin may have fallen, but the fundamentals have stayed the same.”
Bitcoin and crypto investor @TheCryptoLark made a witty remark in regards to the current fiasco in the crypto world by tweeting:
El Salvador’s Bitcoin reserve has now increased to 1,270 BTC or over $ 60.3 million at the time of writing. Previously, on October 28, during a momentary down market, the President announced the acquisition of 420 Bitcoin.
The Salvadoran government’s recreation plan entails releasing unrealized BTC benefits in US dollars to fund a variety of development activities while maintaining the central reserve’s overall value.
President Bukele announced the opening of Bitcoin City on November 21, an effort first sponsored by one billion dollars in Bitcoin bonds. Bukele claims that:
“In #BitcoinCity we will have digital and technological education. Geothermal energy for the whole city and efficient and sustainable public transport.”
