El Salvador Takes Advantage of the Crypto Bear Market and Buys 80 BTC at $19K

El Salvador Takes Advantage of the Crypto Bear Market and Buys 80 BTC at $19K

The Central American country has now purchased 2301 Bitcoin (BTC) for a total of $103.9M.

El Salvador, the smallest country in Central America and one of the biggest Bitcoin (BTC) supporters, has reportedly bought 80 BTC at a price of roughly $19K, describing the cryptocurrency as the potential future.

It seems like the President of El Salvador Nayib Bukele is taking advantage of the lower BTC prices brought by the crypto bear market to arm up with the digital currency. On July 1st, Bukele shared the news on his Twitter account, adding screenshots of 40 purchases he made yesterday:

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El Salvador actually became a huge fan of Bitcoin when it made the cryptocurrency legal tender in the country last year. Back in May, El Salvador also purchased 500 BTC for a total of $15.3M, estimated at $30,744 each.

However, according to some statistics, El Salvador is down on its BTC bet by over 50%, with the country purchasing 2301 coins for a total of $103.9M since last year September.

On June 30, the price of Bitcoin (BTC) varied from $20,003 and $20,632. Currently, it sits at $19,608, with an increase of 1.65% in the past 24 hours.

In fact, El Salvador is following in the business intelligence firm MicroStrategy's footsteps when the latter added around 480 Bitcoin (BTC) for $20.817 to its holdings.

However, it seems as though the fall of cryptocurrencies has caused some crypto-driven entities to take some drastic actions after all. For example, earlier in June, Cypherpunk Holdings ditched all of its Bitcoin (BTC) and Ethereum (ETH) holdings. The organization reported that it sold 214.7203 Bitcoin (BTC) for roughly $4.7M and 205.8209 Ethereum (ETH) for $227K.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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