El Salvador’s President Buys More BTC After Losing $60 Million

El Salvador’s president buys more BTC after losing $60 million already, adding 80 BTC to the country’s stash of 2301 BTC so let’s read more in today’s latest Bitcoin news.

Nayib Bukele, El Salvador’s President relies on Bitcoin so much that he already bought another $60 million of BTC while the price of the number one cryptocurrency keeps on crashing. Undeterred by the huge losses incurred by the strategy of using public funds to invest in BC, Bukele announced that he spent $1.5 million to buy 80 BTC at $19,000 per coin. The politician tweeted:

“El Salvador bought today 80 BTC at $19,000 each. Bitcoin is the future, thanks for selling cheap.”

El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!

Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze

— Nayib Bukele (@nayibbukele) July 1, 2022

Before the latest announcement, Bukele invested about $104 million to purchase 2301 BTC at a price of $45,171, and yesterday when BTC dropped to $19,000, El Salvador’s BTC stash was worth $43,719 which implied losses for the country of up to $60.2 million. With the latest purchase, Bukele will be bringing the average price invested per BTC down from $45,171 to $44,219 which means that BTC would have to surge to $44,219 for Bukele to recoup the losses on the investment on behalf of his country.

The strategy of accumulating BTC after huge drops were also replicated by other optimistic long-term BTC investors and the CEO Michael Strategy Michael Saylor announced a new $10 million BTC purchase which brought the company treasury to 129,699 BTC at a price of $30,664 which represents about $1.3 billion in losses. However, Saylor doesn’t seem too concerned about the short-term fluctuations.

Besides doubling down on BTC despite the heavy losses and his latest buy was notable for another reason and he shared more details regarding the process by which he will purchase more BTC.
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Bukele showed screenshots of a few BTV buy orders that were executed at $19,000. if these screenshots correspond to the account being used to purcahse BTC for El Salvador, it means that the president will use a traditional centralized exchange for the trades and not an OTC desk which will be a more logical choice for the high-profile trades.

It can also mean that Bukele does make the market price purchases but will leave open limit buying orders and in this case, the order was filled upon completion with the price of BTC hitting $19,000.