El Salvador has bought the dip again. The country, where bitcoin has been legal tender since last year, buys a large number of bitcoins at almost every drop. Today is another such day as Nayib Bukele, the country’s president, announced that it has purchased another 80 BTC.
Thanks for the cheap sale
Of course, he says this again in his peculiar way – with an undertone of a true bitcoin maximalist. “El Salvador bought 80 BTC today for $19,000 each. Bitcoin is the future! Thanks for the cheap sale,” the president tweeted with a wink.
El Salvador has been buying bitcoin since the early days of its legalization in the country. This was accompanied by price increases in the beginning, as this was perhaps the biggest news for BTC last year.
As the price continued to fall, Bukele continued to buy. For example, as recently as May he bought 500 bitcoins at an average price of $30,744. At the time, he was confident that bitcoin was not going to fall further, as this was one of his largest purchases.
So it does say something about the current number; the purchase of 80 bitcoins. It would make sense to buy more bitcoins when the price is lower, or the president expects the bitcoin price to fall even further, so El Salvador may be able to buy even more “cheap” bitcoins.
El Salvador’s total portfolio
Nevertheless, this remains – especially for individuals – an incredibly large sum. If we do the math and multiply these 80 bitcoins by the purchase price of $19,000, we end up with a not inconsiderable $1,520,000.
After this latest purchase, the country holds a total of 2,381 BTC. This number accounts for a value of $46.7 million (if you compare it to the current price of $19,600). Thus, the latest purchase represents 3.2% of the Latin American country’s entire crypto portfolio.