Nayib Bukele ‘Buys The Dip’ Again! El Salvador’s Bitcoin Holdings Surge to 1120 BTC

President Nayib Bukele of El Salvador, who playfully calls himself the “Emperor,” is making headlines again in the crypto world! Known for his bold moves, especially when it comes to Bitcoin, Bukele has once again taken advantage of a dip in Bitcoin prices to bolster El Salvador’s national crypto reserves.

Bukele’s Tweet Sparks Crypto Community Buzz

Just as Bitcoin was experiencing a bit of a rollercoaster, sliding from its recent peak above $67,000 to under $60,000, Bukele jumped on Twitter to announce another strategic purchase. And it wasn’t just any amount – he revealed the acquisition of a cool 420 BTC. For those in the know, 420 is a bit of an internet meme, often associated with cannabis culture, adding a touch of playful informality to the announcement.

It was a long wait, but worth it.

We just bought the dip!??

420 new #Bitcoin??

— Nayib Bukele (@nayibbukele) October 27, 2021

This latest purchase is a continuation of El Salvador’s unwavering commitment to Bitcoin. Remember September 7th? That’s when El Salvador officially adopted Bitcoin as legal tender, a groundbreaking move that put the nation at the forefront of crypto adoption. Since then, Bukele has strategically made four Bitcoin purchases for the country, timing them around market dips.

Decoding El Salvador’s Bitcoin Buys: A Timeline

Let’s break down El Salvador’s Bitcoin acquisitions over the past couple of months, based on estimates from Disruptiva magazine:

• September 6th: El Salvador snagged 200 BTC at an average price of $51,300 each.
• Shortly After: Another 200 BTC were added at $51,500 per coin.
• Following Purchase: An additional 150 BTC were bought at $52,000 each.
• September 19th Dip: Taking advantage of a price drop, El Salvador acquired 150 BTC at $45,700.
• October 27th ‘Dip’: The latest purchase of 420 BTC, price undisclosed but during a dip below $60,000.

Navigating the Volatility: From Losses to Potential Gains

Initially, El Salvador’s Bitcoin portfolio faced some turbulence. As Bitcoin prices dipped, the portfolio reportedly showed unrealized losses exceeding $11 million. However, the crypto market is known for its resilience. Bitcoin soon began to recover, surging to new all-time highs, changing the narrative for El Salvador’s investment.

With this recent purchase of 420 BTC, El Salvador’s total Bitcoin reserves now stand at an impressive 1,120 BTC. What’s even more interesting is the average purchase price. According to current data, El Salvador’s average buying price for its Bitcoin holdings is approximately $53,324.29 per BTC.

Disruptiva magazine highlighted the potential upside even before this latest purchase, noting:

#Bitcoin Con el precio de la criptomoneda de este día a las 8:20 a.m., la inversión en 700 BTC que realizó El Salvador podría dejar un margen de un poco más de $10.8M.

— Disruptiva (@Disruptiva2) October 20, 2021

Is El Salvador’s Bitcoin Gamble Paying Off?

The question on everyone’s mind is: is El Salvador’s bet on Bitcoin paying off? It’s still early days, and the cryptocurrency market is known for its volatility. However, by strategically buying during dips and holding for the long term, El Salvador is positioning itself as a nation embracing the future of finance. Whether this gamble will lead to significant economic benefits remains to be seen, but it’s undoubtedly a fascinating experiment to watch unfold.

Bukele’s consistent approach to “buying the dip” signals a strong belief in Bitcoin’s long-term value. This strategy, coupled with the adoption of Bitcoin as legal tender, has placed El Salvador in a unique position on the global stage, sparking conversations and debates about the role of cryptocurrency in national economies.

Related Reads:

DonAlt, Crypto Analyst Says That Altcoins May Suffer As Bitcoin Makes…

Chainalysis Adds Bitcoin To Its Balance Sheet, As NYDIG Offers Help

Gensler, SEC Chair Discusses Issues Around The Bitcoin-linked ETF

Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…