El Salvador buys 80 BTC as Bitcoin price slides

On Thursday, June 30, the Salvadoran government purchased an additional 80 BTC for a total of $1.52 million. This was announced by the country’s President Nayib Bukele.

El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!

Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze

— Nayib Bukele (@nayibbukele) July 1, 2022

«El Salvador bought today 80 BTC at $19 000 each. Bitcoin is the future. Thank you for selling cheap», — wrote Bukele.

On June 30, the price of the first cryptocurrency fell below $20,000, and later slipped below $19,000.

In the early hours of July 1, Bitcoin’s price briefly rose above $20,800, but has since corrected to around $19,420.

The previous purchase was made in May on the back of the decline in the first cryptocurrency’s price below $30,000. At the time Bukele announced the acquisition of an additional 500 BTC at an average price of about $30,744.

On the subsequent market decline, the country’s ‘paper’ losses from the coins held in the state fund exceeded $46.1 million.

At the outset of the program, the government began buying digital gold on the eve of cryptocurrency legalization in September 2021. Authorities created for this purpose a dedicated fund of $150 million.

By the end of September, the government used the dip to $45,000 to additionally purchase 150 BTC, bringing the total reserves to 700 BTC.

During the price drop in November, another 100 BTC were purchased.

In January, amid a market correction, El Salvador acquired 410 BTC. The average purchase price was $36,585.

Earlier in June, Bukele advised not to worry about bitcoin’s price quotes for the first cryptocurrency. He said that investments in digital gold would grow immeasurably after the bear market ends.

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