El Salvador’s Nayib Bukele Purchases 80 More Bitcoins At Its Cheapest Rate Yet.
El Salvador’s cryptic president, Nayib Bukele, tweeted on July 1 that the nation has purchased another 80 Bitcoins at a price of almost $19,000 apiece. He then added, “Bitcoin is the future. Thank you for selling cheap.” The whole cost of the transaction is around 1.52 million dollars.
Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
El Salvador made its most recent purchase of Bitcoin in May. At an average price of $30,744 per coin, the Central American nation bought 500 Bitcoins at a cost of $15.3 million.
The most recent acquisition raises the total quantity of Bitcoin (BTC) owned by the nation in Central America to 2,381, and it has resulted in a decrease in the dollar cost standard value.
When El Salvador first started purchasing Bitcoin for its treasury in September 2021, it did so by purchasing a total of 200 BTC. However, the asset could be purchased for more than $50,000 at the time.
Following that first transaction, seven further transactions were made during that year, plus one in January this year, which resulted in the acquisition of an additional 410 BTC at an average price of around $36,500.
Back in May, Alejandro Zelaya, El Salvador’s Minister of Finance, said that the amount of Bitcoin the government-owned at that time equaled less than 0.5 percent of its yearly budget. He also stated that the losses caused by Bitcoin bring extremely little risk to the country’s economic condition. Referring to his finance minister’s comments Bukele said “Are You Telling Me To Buy More Bitcoin?”
This was after a report that was published on CNBC the week before last said that the rate of economic growth in El Salvador had drastically decreased. According to the report, the nation’s deficit continues to be rather large, and its debt-to-GDP ratio, which is a comparison of what a country owes to what it earns, will reach 87 percent this year.
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