Find out how much El Salvador has made by trading Bitcoin


0

[ad_1]

El Salvador’s decision to buy bitcoin when it’s falling, which is a simple buy on dip strategy that is widely used by novice and experienced traders alike.

Below are the results of such a strategy that is being implemented by an entire country in Central America.

Latest 100 bitcoin purchase:

The latest activity from El Salvador towards bitcoin was last Friday, which saw the cryptocurrency market plummet amid the announcement of new pandemic measures in most countries in Europe.

Due to the rapid increase in risk in the market, more and more traders exited the markets and held fiat currencies.

In addition, the drop in the price of oil led to a global correction in the markets, which then reflected on the cryptocurrency market.

Bitcoin and other major currencies lost nearly 15% in total.

On November 26, El Salvador’s president, Nayib Bukele, stated that the country had bought an additional 100 bitcoins, which are now worth 6.8% more than their lowest point three days ago.

The value of El Salvador’s position in Bitcoin has increased by $389,000.

Previous trades for El Salvador:

Previously, El Salvador bought 150 bitcoins when the bitcoin price fell in September.

Advertisements

At the time, the price of the first cryptocurrency fell to $43,000 from its then near peak of $52,000.

According to TradingView, Bitcoin has gained more than 30% of its value since then.

If El Salvador had sold the bitcoin it bought at $43,000, its portfolio would have risen by $2.1 million even after correcting 15% from the peak at $69,000.

After the latest deal, El Salvador owns 800 bitcoins, which are now worth about $45 million.

Peter Schiff, a famous critic of the cryptocurrency market, accused the head of state of causing a lot of risks to the country’s economy by following a trading strategy while managing the entire state budget.

Read also:

Since the launch of the smart contracts feature…the price of the digital currency Cardano has fallen to minimum levels

Bitcoin Recovers to $57,500 as Monthly Close Approaches

[ad_2]

Advertisements


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
NP

0 Comments

Your email address will not be published.