El Salvador bought an additional 80 BTC amid a drawdown in the course

El Salvador bought an additional 80 BTC amid a drawdown in the course

Salvador bought an additional 80 BTC amid a drop in the rate

On Thursday, June 30, the government of El Salvador purchased an additional 80 BTC for a total of $ 1.52 million, President Nayib Bukele announced this.

“El Salvador bought 80 BTC today at $19,000 each. Bitcoin is the future. Thank you for the cheap sale,” Bukele wrote.

On June 30, the rate of the first cryptocurrency failed the $20,000 level, and later fell below $19,000.

On the night of July 1, the price of bitcoin momentarily exceeded $20,800, but by now it has corrected to levels near $19,420.

Salvador bought an additional 80 /></p>
<p>BTC/USD hourly chart of Binance exchange. Data: Trading View. </p>
<p>The previous purchase was made by El Salvador in May against the backdrop of falling quotes of the first cryptocurrency below $30 000. Then Bukele announced the acquisition of an additional 500 BTC at an average price of ~$30 744.</p>
<p>At a further market collapse, the country’s “paper” loss from coins held in the state fund exceeded $46.1 million.</p>
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For the first time, the government of the country began to buy digital gold on the eve of the legalization of cryptocurrency in the country in September 2021. The authorities created a special fund of $150 million for this purpose.

Already at the end of September, the government took advantage of the drop in the exchange rate to $45,000 to purchase an additional 150 BTC, bringing the total reserves to 700 BTC.

Another 100 BTC were bought as the price fell in November. 

In January, El Salvador bought 410 BTC amid a market correction. The average purchase price was $36,585.

Recall that in mid-June, Bukele advised not to worry about the quotes of the first cryptocurrency. According to him, investments in digital gold will grow “immeasurably” after the end of the bearish cycle.

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