logo

El Salvador buys Bitcoin at $19K to benefit from the dip

Bitcoin
TL;DR Breakdown

El Salvador’s obsession with Bitcoin has continued as it has purchased a new batch of Bitcoin. Even though the market remained bearish, it has gone for the purchase of more Bitcoin. According to the latest updates, El Salvador has purchased 80 Bitcoin.

The global crypto market has continued to stay bearish; some investors have remained bullish. One of these is the state of El Salvador, which has gone for the purchase of digital assets. It has gone a step further as it made Bitcoin a legal tender. As the market continues to bearish, its impacts have continued on investors. The inmates of this state have also expressed fears because of the ongoing situation.

In contrast, the mentioned state has gone for further purchases in contrast to reducing its investments. The market crash has resulted in the loss of more than 2 trillion to the market. There are more than two thousand BTC in possession of El Salvador. As its current spending continues, it will bring further to this state.

Here is a brief overview of El Salvador’s BTC obsession and how it has gone for hoarding further coins.

Bitcoin dips, and El Salvador’s obsession

El Salvador has proved to be one of the most advanced states regarding purchasing cryptocurrencies and digital assets. It not only went further regarding legislation but also brought ease to the investors. It has also planned the construction of Bitcoin city, which was delayed due to a bearish market. It was a result of these losses that this state suffered financial losses. It was looking for a bailout package from IMF where the latter questioned its crypto-obsessive policies.

bitcoin 3090250 1280
Digital Assets/BTC

Their frequent purchase of Bitcoin happens during the bearish situation in the market. The president of El Salvador, Nayeb Bukele, announced in a tweet that they intend to utilize the ongoing market situation. As it happens, it would result in the addition of further BTC to their national stash. Their stance has been the promising future of Bitcoin, even though its price value has seen drops. Their point is that purchasing these digital assets will benefit investors shortly.

There is no doubt about the future of digital assets, but the current untoward situation seems to affect the investments as their value might be reduced.

New purchase of Bitcoin

El Salvador’s president Nayeb Bukele said in a statement on Twitter that they have purchased eighty more Bitcoin. They have purchased each BTC for 19,000 dollars. He said BTC is the future and expressed his happiness about purchasing it cheaply. The current low valuation of Bitcoin will help strengthen the national economy in the longer run. According to the official estimates, El Salvador’s BTC stash’s current stash has reached 2381.

bitcoin 3890350 1280
BTC/US Dollar

El Salvador has paid more than $105 million on the purchase of BTC. The current bearish market has brought the value of these assets to $60 million. If the bearishness continues further, it will impact the investments in the coming days.  

According to their finance minister, the ongoing bearish market would not impact their national economy. It is yet to be seen what will be the impacts of the bearish market on El Salvador’s national economy. If the value of BTC lowers further, it will impact their current stash of Bitcoin. Even though some countries have gone for lowering their investments, El Salvador’s obsession continues. If the market sees a rise, it will greatly benefit their investments.

Conclusion

El Salvador has continued to invest in digital assets, especially BTC. Even though the market situation has remained unfavorable, their key decision-makers have continued to spend on new purchases. The current purchase of Bitcoin has resulted in adding 80 Bitcoin to its stash. It is yet unsure how this investment will result for the mentioned state. 

Haseeb Shaheen

Haseeb Shaheen

As a Web Researcher and Internet Marketer, Haseeb Shaheen delivers relevant valuable content for audiences. He focuses on financial and crypto market analysis, as well as technology-related areas that help people change their lives.

Related News

Hot Stories

FTX CEO unhappy as crypto firms fail to aid each other
How to Stake Zilliqa: Earn 6% APY based on 80% ZIL in Circulation
Cardano price analysis: ADA could rise up to $0.67 after surviving $0.51 support test
How to Stake Spell Token: Earn up to 20% APY
Gala is announcing a partnership with Stick Figure Productions to distribute Four Down on the Blockchain

Follow Us

Industry News

FTX CEO unhappy as crypto firms fail to aid each other
BlackRock launches spot BTC private trust
Tornado Cash few accounts unblocked as dYdX affirms it adhered to Treasury’s ban
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform