El Salvador Has Purchased Additional 80 BTCs, Following In The Footsteps Of MicroStrategy

El Salvador Has Purchased Additional 80 BTCs, Following In The Footsteps Of MicroStrategy

El Salvador has once again procured Bitcoin, increasing its total digital asset holdings significantly. The Central American country this time purchased a total of 80 BTCs, bringing its aggregate holding to 2,381 Bitcoins at a current price of $45.3M as of press time.

El Salvador’s Nayib Bukele is one of Bitcoin’s biggest proponents

Businessman and president of El Salvador, Nayib Bukele, disclosed the information on Twitter in the early hours of 1 July. Bukele revealed that the purchase was made at a price of $19,000 for each BTC, attaching a shot of the transaction history showing a series of 40 transactions.

As seen in the transaction history, the least amount of BTC purchased at once was 0.000136, while the highest amount was 5 BTCs. The president thanked the investors who decided to sell their BTCs “cheap.” The last time El Salvador bought BTC was 9 May, securing 500 tokens at an average price of $30,744.

El Salvador’s Nayib Bukele is one of Bitcoin’s most prominent proponents. The president of the Spanish-speaking country has not relented in his efforts to incorporate Bitcoin into his country’s financial system, expressing his belief in the digital asset every chance he gets.

El Salvador’s fiscal risk as regards Bitcoin is “very minimal”

Since making Bitcoin legal tender in September of 2021, El Salvador, through the leadership of Bukele, has been systematically purchasing BTCs, adding them to the country’s balance sheets.

The first purchase of 200 coins was made on 6 September 2021, as stated by Bukele who further noted that the country plans to buy a lot more. The following day, the country purchased additional 200 BTCs, bringing its total BTC possession to 400 as of 7 September 2021 – the time BTC was made legal tender.

The country has since then continued in its purchases. The country’s BTC business has seen a loss valued at over $52 million in the current Crypto Winter. Nonetheless, the president remains bullish. Commenting on reports revealing this, Bukele tweeted, “you’re telling me we should buy more BTC?” on 14 June. He appears to have taken that step.

Besides Bukele, El Salvador’s Finance Minister, Alejandro Zelaya has displayed calmness in the bear market, noting that El Salvador’s fiscal risk as regards BTC is “very minimal.”

El Salvador’s BTC purchase comes barely two days after Michael Saylor’s MicroStrategy purchased 480 more BTCs at a price of $10 million, or $20,817 per token. The firm now has 126,699 BTCs with a loss of close to $1 billion due to the current bear market. Michael Saylor, like Bukele, remains bullish despite this reality.