Amid the biggest bear market we’ve all seen since Bitcoin hit an all-time high of over $65,000 in early November, the Republic of El Salvador has announced yet another purchase of 150 Bitcoin (BTC).
El Salvador Buys The Dip Again
The President of El Salvador, Nayib Bukele made the announcement of the purchase, via his Twitter handle, following Bitcoin losing more than 15% in market value, thereby, sending the market price to momentarily crash below $50,000.
As posted by Bukele, each coin was purchased at an average USD price of $48,670. Interestingly however, barely 7 minutes after the purchase, the persistent bear market temporarily brought BTC price down to nearly $42,000 — more than a 37% decline from its all-time high.
The not-so-impressed Bukele also acknowledged narrowly missing out on purchasing Bitcoin at its rock-bottom, tweeting:
“Missed the f***ing bottom by 7 minutes.”
With this latest purchase, El Salvador’s total Bitcoin reserve is 1,270 BTC, which is worth over $60.3 million at the time of writing. Before now, the president had also announced El Salvador purchasing 420 Bitcoin on Oct. 28 during a temporary bearish market.
Why Does The Salvadorean Government Keep Buying Bitcoin?
El Salvador’s goal is simple, which is to withdraw unrealized BTC gains in U.S. dollars, and use them in funding numerous developmental projects while still maintaining the overall value of its central reserve.
In a related story, President Bukele also issued a statement on Nov. 21, announcing the launch of Bitcoin City, an initiative that was primarily funded by $1 billion Bitcoin bonds.
According to Bukele, the BitcoinCity will be offering technology-based and digital education. He also added that the entire city will be running on Geothermal energy while also offering an efficient and sustainable system of public transport.
The Bitcoin City project saw El Salvador teaming up with a number of prominent crypto firms in collaboration. They include Adam Back’s Blockstream, and crypto exchange Bitfinex.