President Najib Bukele of El Salvador recently announced that his country has bought another 100 bitcoin, which represents $5.4 million of the base cryptocurrency, at today’s prices.
El Salvador continues to buy and hold Bitcoin:
as always, announce The President of El Salvador about buying Bitcoin in a tweet posted on Friday.
Despite Bitcoin’s bearish slump this week, the president did not hesitate to invest in it.
Rather, he used it as an opportunity to accumulate bitcoin.
The tweet of the President of El Salvador came as follows:
El Salvador just bought the landing.
Additional 100 bitcoins received at a discount.
Last month, the president announced the purchase of more than 420 bitcoins, after the price of bitcoin fell to the sub-sixty thousand dollar range.
Looking at the last purchase, El Salvador now owns over 1,000 bitcoins.
El Salvador has shown its intent to keep Bitcoin for now.
On the day bitcoin became legal tender in the country, the president announced several consecutive investments in bitcoin, even as its price dropped rapidly.
Then, when the price rose last month, El Salvador used its profits to build a pet hospital but only with bitcoin mined from mining operations.
Long-Term Commitment To Bitcoin:
A few days ago, Bukele announced El Salvador’s plans to build a bitcoin city, funded by a $1 billion volcanic bitcoin bond.
Half of the funds will be used to purchase bitcoin, and the other half will be invested in the bitcoin mining infrastructure using the country’s volcanic energy.
This is further evidence of El Salvador’s long-term belief in a Bitcoin rally.
If it rises, the country’s profits from its bitcoin holdings and mining will help pay off the 6.5% annual bond coupon.
So far, the average annual bitcoin price rise since 2013 has been estimated at 100%.
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