El Salvador amass 150 Bitcoin after the price dropped below $ 50,000

The Republic of El Salvador has acquired 150 Bitcoin (BTC) amid the biggest bear market since Bitcoin hit an all-time high of nearly $ 68,000 in the first week of November.

Salvadoran President Nayib Bukele announced the purchase of 150 BTC as the market price briefly fell below $ 50,000 after losing more than 15% in market value.

While the Bukele government was able to make the purchase for $ 48,670 per coin, the bear market temporarily cut the price of Bitcoin to nearly $ 42,000 after falling more than 37% from its all-time high.

Market price for the BTC / USD pair. Source: TradingView
El Salvador amass 150 Bitcoin after the price dropped below $ 50,000
El Salvador amass 150 Bitcoin after the price dropped below $ 50,000

Bukele also admitted to having missed the Bitcoin purchase in the background when tweeted:

“I lost the put * bottom for 7 minutes.”

With this purchase, El Salvador’s bitcoin reserve is now 1,270 BTC, which is worth nearly $ 60.3 million as of this writing. Previously, on October 28, during a temporary bear market, the president announced the purchase of 420 Bitcoin.

The Salvadoran government’s game plan is to deduct unrealized BTC revenue in US dollars to fund various development projects while maintaining the central bank’s total value.

On November 21, President Bukele announced the launch of Bitcoin City, an initiative originally funded with $ 1 billion in Bitcoin bonds. According to Bukele:

In #BitcoinCity we will have digital and technology education. Geothermal energy for the whole city and more efficient and sustainable public transport â ????.

The Bitcoin City project also includes major crypto companies, including the Bitfinex crypto exchange and Adam Backs Blockstream, which Bukele said, “will soon host many local and overseas digital asset offerings that will bring new digital asset regulation to the country will develop ”. .

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