YEREVAN (CoinChapter.com) — Amid the falling cryptocurrency prices, El Salvador has purchased more Bitcoin (BTC), according to president Nayib Bukele.
Bukele, one of the most vocal proponents of cryptocurrencies, announced the news on Twitter. According to him, the country has acquired additional 80 Bitcoins at an average price of around $19,000 per BTC.
Reaffirming his belief in the leading cryptocurrency by market cap, he digs at those who panic-sold in the bear market.
“Bitcoin is the future! Thank you for selling cheap,”
he said.Recommended: El Salvador to hold Bitcoin conference after facing 44% loss from its BTC investment
Nayib Bukele has a habit of buying the Bitcoin (BTC) dip
Bukele is a regular BTC purchaser. He has topped up his nation’s coffers with more Bitcoin every time the price has fallen.
Since El Salvador made BTC legal tender in the country, Bukele has spent over $100 million on crypto purchases. In total, he has “bought the dip” on 12 occasions.
The last one came last month when it scooped 500 BTC on May 9 for an average price was $30,744. The transaction cost Bukele’s Government $15 million. It took El Salvador’s BTC holdings to 2,301.
With today’s purchase, El Salvador now holds 2,381 Bitcoin in its reserves.
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El Salvador is still in losses from BTC reserves
Nayib Bukele’s Bitcoin-buying spree has resulted in huge losses for the country. Before the recent purchase, El Salvador was already at a loss of about 58%.
According to the tracking site nayibtracker.com, El Salvador’s losses from Bitcoin amount to over $60 million. The average price Bukele’s Government paid was just over $45,000 per token.
However, despite the damning news, El Salvador is not phased by the crypto winter. The country’s Finance Minister Alejandro Zelaya brushed off talks of Bitcoin losses.
“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins,”
Zelaya told journalists at a press conference. Recommended:
Bukele remains optimistic
As investors panicked since the market dump, Nayib Bukele sounded as confident as before.
He advised investors not to panic and to have patience in the ongoing bear market.
“Stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe, and its value will immensely grow after the bear market,”
he wrote. His advice did not go down well with the long-time crypto critic Peter Schiff. The stock broker attacked Bukele for his “bad advice,” claiming the largest crypto by market cap may never recover.
The number of times Schiff has been wrong about BTC far outweighs the number of times he has been right. No wonder Bukele shuns his criticism.
Meanwhile, Bitcoin still struggles near the $20,000 mark. Moreover, charts indicate it could be eyeing a further 45% decline in July.
With the second quarter (Q2) ending, this marks the worst performance in any quarter since 2011. At the end of Q1, BTC traded for around $45,000. With the price now just over $19,000 has fallen over 55%, according to CoinMarketCap data.
With experts now predicting an extended ‘crypto winter,’ Nayib Bukele may buy more BTC in the coming days. However, it remains to be seen if his gamble will pay off in the long run.
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