Current Bitcoin (BTC) prices has seen the president of El Salvador, Nayib Bukele, making as much as $1 million profit within half a day of his latest BTC Purchase. However, the buy-the-dip advocate has refused the urge to sell, choosing to HODL instead.
Nayib Bukele Makes $1 Million On BTC Within 11 Hours
Over the weekend, Bitcoin (BTC) bled amid a wider market crash, seeing it reach levels below the $30K mark for the first time in 2022. But as Bukele usually does, it was a good time to invest in the leading cryptocurrency yet again, which he did. So, by Monday, the president bought 500 BTC at the price of approximately $30,744 per BTC. This means that he spent a total of $15, 372, 000 to make the purchase.
However, in just a matter of 11 hours, BTC prices had slightly recovered and selling off the BTC at that point, could have earned Bukele a profit worth around $1 million dollars. But while many would have jumped at the opportunity to make such a huge amount of profit at any time, Bukele has chosen not to. He wrote:
“I could sell this coins right now and make almost a million dollars in just 11 hours, but of course not”
Certainly, no one ventures into the crypto business without the mindset to gain profits. So it might come as a surprise, why president Nayib Bukele is passing up on the chance to take his gains from his most recent purchase. However, everything is not as it seems.
The decision by Nayib Bukele to continue holding his prized possession might be directly related to the overall investment of El Salvador in BTC. And putting into account, all the country’s past BTC investments, it appears that even if Bukele had sold, the country would still be running at a loss. Further explanations to this, are contained in the table below.
Essentially, El Salvador will only begin to profit from trading Bitcoin, once BTC starts trading within the range of $45, 000. Recall that El Salvador started buying heavily in Bitcoin since last September. At that time, BTC was still trading at $50,000 or thereabout.