President Nayib Bukele revealed the new acquisition of BTC through his Twitter account. Bukele claimed that they acquired”the dip,” referring to the recent decay in the Bitcoin price.
El Salvador’s president, Nayib Bukele, revealed a new acquisition of 420 bitcoin, about $ 25 million, for his country’s reserves. The Salvadoran president unveiled the information to the public through a tweet on his account @nayibbukele.
This operation would be the fifth purchase announced by Bukele since the law that made bitcoin legal tender in El Salvador came into effect. With this new purchase, the reserves of the Central American country amount to 1,120 BTC, about $ 66 million at the current price.
Bukele’s tweet says it was a long wait, but it was worth it. This tweet referred to the recent purchase of the first cryptocurrency.
An expression that usually appears in the bitcoin space is “buy the fall.” This expression serves to denote that price declines are the best moments to purchase cryptocurrency. Bitcoin has corrected 12% after setting a new all-time high of $ 66,930 per unit on October 20.
Two Previous Purchases
On September 7, 2021, the date the Bitcoin Law came into force in El Salvador, President Bukele revealed two purchases of at least 200 BTC each.
Subsequently, two other acquisitions for 150 BTC got announced. The most recent, carried out on September 19, coincided with a price decline that took it to $ 45 thousand per BTC.
At that time, he complimented the ad with another tweet where he says: “They can’t beat you if you buy in the fall.” Some hours after revealing the first 200 BTC purchases, Bukele highlighted that El Salvador had added another 200 bitcoins to its accounting. The second purchase also came to be known with another message on the popular social network.
Although the president did not reveal the method he applied for the acquisitions, the Mexican exchange Bitso publicly thanked Bukele for the purchase made. The exchange house shared on Twitter: “Thank you for your purchase, Mr. President!”
It is unclear whether the investment came effective by the Central Reserve Bank of El Salvador or if the operation was an investment managed directly from the presidency.
Bukele’s announcement came a day before El Salvador formalized the execution of the so-called Bitcoin Law. As of this Tuesday, September 7, the State will become the first in the world to recognize BTC as legal tender, along with the US dollar.
Its acceptance in commercial establishments will be mandatory, with some exceptions, and the dollar will keep being the unit of account. Both users and businesses will have the option of keeping their BTC or turning them into dollars.
So far, none of the announcements about bitcoin purchases arrived by more details than the amount of the trades. This situation has generated criticism for the opacity in the management of Bitcoin reserves within El Salvador.
By: Jenson Nuñez
