El Salvador Spends Another $1.5M “Bottom-Fishing” 80 Bitcoin At $19000

President Nayib Bukele said El Salvador bought 80 bitcoins at $19000 each on Thursday. The Central American country’s last purchase was in May.

President of El Salvador: “Bitcoin is the future. Thank you for selling cheap”

On July 1, Bukele tweeted that he had purchased Bitcoin “cheap”, affirmed his belief in the future with Bitcoin, and screenshots of 40 purchases made on Thursday, totaling $1.52 million dollars.

El Salvador’s last bitcoin purchase was in May, according to Bukele, when the Central American country bought back 500 coins for a total of $15.3 million, at $30,744 each.

In May, El Salvador Finance Minister Alejandro Zelaya said that the amount of bitcoin the country had at the time represented less than 0.5% of its annual budget, adding that bitcoin losses pose a risk “extremely small” risk to the country’s fiscal health.

Currently, El Salvador holds a total of 2,381 BTC, purchased for an average price of around $43000. At the current price of BTC, the Bukele government is losing 55% of its investment, which is more than $ 57 million of the $ 104 million capital spent to accumulate the above BTC.

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