El Salvador is collecting 150 bitcoins after the BTC price fell below $ 50,000

Salvadoran President Nayib Bukele announced the purchase of 150 BTC as the market price briefly fell below $ 50,000 after losing more than 15% of the market value.

The Republic of El Salvador bought 150 Bitcoin (BTC) amid the biggest bear market since Bitcoin hit an all-time high of $ 68,000 in the first week of November.

While Bukele’s government managed to make a buy for $ 48,670 a coin, the bear market temporarily cut the price of Bitcoin to nearly $ 42,000 after falling more than 37% from its all-time high.

Bukele also admits to having missed out on buying Bitcoin at the bottom when he did tweeted:

“Missed the end of 7 fucking minutes.”

With this purchase, El Salvador’s bitcoin reserves now stand at 1,270 BTC, which is worth nearly $ 60.3 million at press time. Previously, on October 28, during a temporary bear market, the president announced the purchase of 420 Bitcoin.

The Salvadoran government’s game plan is to deduct unrealized BTC proceeds in US dollars to fund various development projects while maintaining the central bank’s total value.

Related: El Salvador inaugurates a Bitcoin city backed by $ 1 billion BTC bonds

On November 21, President Bukele announced the launch of Bitcoin City, an initiative originally funded with $ 1 billion worth of Bitcoin bonds. According to Bukele:

“In #BitcoinCity we will have digital and technological education. Geothermal energy for the whole city and more efficient and sustainable public transport. ”

Well-known crypto companies are also participating in the Bitcoin City project, including the crypto exchange Bitfinex and Adam Backs Blockstream, which, according to Bukele, “will soon accommodate a large number of asset offers.” Digital assets at home and abroad are developing again Regulating digital assets for the country. “