El Salvador stacks 150 Bitcoin after BTC price crashes below $50k

Salvadoran President Nayib Bukele announced that 150 BTC was purchased by him as the market price fell below $50,000, after it had lost over 15%.

The Republic of El Salvador purchased 150 Bitcoin (BTC), amid the largest bear market since Bitcoin reached an all-time high of almost $68,000 in the first week of December.

El Salvador has just purchased the dip! 150 coins for an average USD price $48670 #Bitcoin
— Nayib Bukele (@nayibbukele) December 4, 2021

Although Bukele’s government was successful in obtaining the coin at $48,670, the bear market brought down Bitcoin’s price temporarily to $42,000. It had fallen over 37% since its peak.

BTC/USD market prices. Source: TradingView

Bukele also admitted that he missed out on buying Bitcoin at its bottom when he tweeted:

“Missed 7 minutes of the f***ing bottom.”

El Salvador now has 1,270 Bitcoins in its Bitcoin reserves, which amounts to nearly $60.3 Million at the time this article was written. The president previously announced that he had purchased 420 Bitcoin during a temporary bearish period on October 28.

The Salvadorean government’s game plan calls for the withdrawal of unrealized BTC gains in U.S. Dollars to finance various development projects, while maintaining the overall central reserve value.

Related: El Salvador will inaugurate Bitcoin City, backed $1B BTC bonds

November 21 was the official launch of Bitcoin City. The initiative was initially funded by $1 billion Bitcoin bonds. According to Bukele

“In #BitcoinCity, we will have digital education and technology training. The entire city will have access to geothermal energy and sustainable, efficient public transport.

Bitcoin City also includes prominent crypto companies like Bitfinex and Adam Back’s Blockstream. According to Bukele, the Bitcoin City project “will soon be home many local and foreign assets offerings, developing new digital asset regulations for the country.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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