Today we’ve learned that El Salvador bought bitcoin again, even though the popular cryptocurrency is experiencing a downtrend, Nayib Bukele said “Bitcoin is the future! Thank you for selling cheap.”
El Salvador’s president Nayib Bukele tweeted that his country earlier today bought 80 more bitcoins. Since the government introduced bitcoin as a legal tender in September of last year, the president has disclosed purchases totaling 2,381 bitcoins.
El Salvador bought bitcoin, again
Earlier today, El Salvador purchased 80 more bitcoins for $19,000 apiece, according to a tweet from the nation’s president Nayib Bukele.
Thank you for selling cheap ? pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
The president also posted pictures of what looks to be a list of transactions for 1 bitcoin each at the $19,000 price; the timestamps on the pictures reveal that the transactions took place earlier this morning.
El Salvador became the first country to approve bitcoin as legal tender in September of last year. They became the first country in the world to officially authorize the use of bitcoin as legal tender for exchanges after the legislation for its adoption received the support of 62 of the 84 votes of the Assembly.
The vote has been applauded by the country’s president, Nayib Bukele, who said that the country makes “history”. “The ‘Bitcoin Law’ has just been approved by a qualified majority in the Legislative Assembly. 62 out of 84 votes!” he has highlighted, back then. Bukele has tweeted numerous times about the nation’s bitcoin purchases. He revealed in May that the country had bought 500 BTC at an average cost of $30,744.
El Salvador appears to have purchased at least 2,381 bitcoins thus far, according to the many purchase notifications Bukele has made so far on Twitter. The nation’s current bitcoin balance hasn’t been verified via any other methods, though.
While El Salvador has indicated that it is holding onto its bitcoin purchases, the country’s finance minister Alejandro Zelaya said in early June that the country had previously sold a part of its bitcoin to fund the Chivo Pets pet hospital, but that it is keeping the coins it is purchasing now.
I could sell this coins right now and make almost a million dollars in just 11 hours, but of course not ? https://t.co/BrZx3dwA5q
— Nayib Bukele (@nayibbukele) May 10, 2022
Last October, Bukele said the country was not selling any bitcoin for the project, indicating that Chivo Pets would be funded by a surplus in a government trust fund due to the rising value of bitcoin.
Alejandro Zelaya, El Salvador’s finance minister, stated in early June that although the country had previously sold some of its bitcoin to support the Chivo Pets animal hospital, it was still holding onto the coins it was now buying. Bukele stated in October of last year that the nation would not be selling any bitcoin for the initiative, noting that the funding for Chivo Pets will come from an excess in a government trust fund as a result of the increased value of bitcoin.
At the time of writing, a bitcoin is worth $19449,29.
Bitcoin price prediction
The BTC price fell back to $19,827 on Wednesday, June 29 after the bears managed to break through the $20,000 barrier. Michael Saylor, CEO of MicroStrategies, was one of the intrepid bulls who arrived to save the sub-$20,000 Bitcoin price from certain death. According to blockchain transactions, Saylor added 480 more Bitcoins to the MicroStrategy portfolio. Despite the broader retail market mood hitting new all-time lows on the Fear and Greed Index in June, MicroStrategy currently holds over 130,000 Bitcoin, and Saylor is still optimistically positive.
Technically speaking, Michael Saylor is correct. Only a breach of $13,880 will halt the macro upswing in the price of bitcoin. This notion is contradicted by the Relative Strength Index, which is currently retesting a record 2019 low on the 4-day chart. A multi-year bear market with targets below the $3,850 pandemic lows in 2020 would probably start if the bears surpass $13,880, bringing the price of Bitcoin down by 80% from its current level.