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Bukele acquired 500 Bitcoins at an average price of $30,744 (approximately Rs. 24 lakh) per BTC, making it El Salvador’s biggest BTC fall buy to date.
El Salvador’s pro-crypto president, Nayib Bukele, did not miss out on the opportunity to profit from the current Bitcoin slump.
Bukele, who made Bitcoin a legal payment option in El Salvador last September, is known for buying Bitcoins for the country’s treasury whenever the cryptocurrency’s value falls.
Bukele spent nearly $15.3 million buying 500 BTC in total (roughly Rs. 118 crores).
Bukele believes that Bitcoin is the future of digital payments
The 40-year-old Salvadoran President, as is customary, updated his Twitter followers on the purchase.
According to Bitcoin.com, El Salvador’s national treasury presently possesses 1,620 bitcoins, worth $49.5 million (approximately Rs. 382 crores) at current Bitcoin prices, which are at a four-month low.
El Salvador looks to have additional BTC-related ideas in the works.
On Tuesday, May 10, BTC values declined by up to 8.80 percent to $30,698 (approximately Rs. 23 lakh) Binance, CoinMarketCap, and Coinbase are some of the most popular cryptocurrency exchanges.
Bukele last purchased a 400 BTC pool in January of this year. Bitcoin prices had dropped to $35,000 (approximately Rs. 25 lakh) from $42,270 at the time (roughly Rs. 30 lakh).
Despite the International Monetary Fund’s (IMF) cautions against adopting Bitcoin as legal cash, Bukele continues to back the cryptocurrency.
Bukele met with Binance CEO Chengpeng Zhao, who was visiting the Central American country at the time, in March of this year.
While the specifics of this discussion were kept under wraps, Zhao and Bukele are said to have spoken about Binance issuing Bitcoin Bonds to help stabilize El Salvador’s BTC acceptance.
While Bukele believes that Bitcoin represents the future of digital payments, El Salvador’s long-term foreign-currency Issuer Default Rating (IDR) has been reduced to ‘junk grade’ as a result of BTC adoption, according to Fitch Ratings.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
