The South American country took advantage of the price drop to add to its Bitcoin stash.
“Thank you for selling cheap” Bukele, a known advocate for buy-the-dip said in the announcement tweet followed by a winking emoji.
In his cheerleading manner, he added; “Bitcoin is the future”.
Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
The South American nation spent over $1.5 million for the purchase at an average price of $19,000.
Interestingly the nation sits on nearly $60 million in unrealized loss due to a decline in BTC’s market price. It has spent a cumulative total of over $100 million on its total Bitcoin possession.
Recall that Bukele refused to take a $1 million gain from his previous Bitcoin purchase back in May. After buying 500 BTC at $30,744 per BTC at the time, spending over $15 million, the prices recovered 11 hours later. Had he sold at that period, he would have made a profit of $1 million but he chose to hold instead.
Despite criticism from credit agencies, El Salvador in September 2021 adopted Bitcoin as a legal tender, the first.
Earlier in February, the El Salvadoran government appointed AlphaPoint to manage the frontend and backend infrastructure for its Chivo wallet.
Bitcoin faithful remain bullish amid a bearish market
As prices continue to crash, Bukele and El Salvador are not the only ones going bullish on Bitcoin. Earlier this week, Micheal Saylor’s Microstrategy increased its Bitcoin (BTC) holding by an additional 480 coins amid the ongoing bearish run.
The cloud-based service and mobile software firm purchased these Bitcoins at an average price of $20,817 per BTC. The firm spent about $10 million in cash for the acquisition.
Just like Bukele, Micheal Saylor believes Bitcoin is the future and his firm is HODLing through adversity. He said there are no plans to offload its BTC stash anytime soon.
At the time of this report, Bitcoin, the leading digital asset, was trading at $19,163, according to data from CoinMarketCap.