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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

El Salvador Calls Another Bitcoin Dip With $25 Million Purchase

Best Owie
Best Owie
1 year ago
3 mins read
Picture of a bitcoin in front a flag of El Salvador

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El Salvador has once again deepened its bitcoin bet with another purchase. The sovereign nation had made history as the first to officially implement bitcoin as a legal tender back in September. To mark the historical moment, President Nayik Bukele had announced that the country had bought 200 bitcoins. A promise to purchase more followed the purchased and the country had kept to that promise.

The country had purchased an additional 250 bitcoins after this. The third buy-in in September brought the total of El Salvador’s holdings to 700 coins. At each of these stages, President Nayib Bukele has referred to the purchases as ‘buying the dip.’ These have proven to be the case as the country of El Salvador is currently in profit with its BTC holdings.

El Salvador Buys 420 BTC

Since the price of bitcoin hit a new peak in October, the value of the asset had been on a downtrend. A number of small dips had seen the price pushed below $60K again. El Salvador has taken this as an opportunity to increase its BTC holdings while the broader market is more conservative. In line with the previous sentiment, the president tweeted that the country had once again ‘bought the dip.’

Related Reading | Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices

A follow-up tweet from the president hours later confirmed that the country was now in profit from its recently purchased bitcoins. This is because the purchase had been made when the price was still floating around $58,000 and by the time the follow-up tweet was posted, BTC’s price had gone back up above $60K.

It is still yet to be seen if the bet in BTC will pay off for the long term. However, in the short term, El Salvador is seeing major gains from its investments in the digital asset. The first batch of BTC was bought at $52,000 and the asset has since hit a new all-time high of $67,000.

Bitcoin price chart from TradingView.com

BTC price trending at $61K | Source: BTCUSD on TradingView.com

How Does El Salvador Bitcoin Profit Work?

President Nayib Bukele took time out to clarify some inquiries about its investments in BTC. He pointed out that the country operates on a 1 BTC = 1 BTC perspective rather than just looking at the profits from the fiat value. This means that although El Salvador’s bitcoin fund is in USD, they fund it with USD and BTC. They only take out gains in USD but leave the fund with the same number of BTC that is in it.

How do we make a profit if 1 #BTC= 1 #BTC?

We have a trust fund accounted in USD, but the trust is funded by both USD and BTC.

When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total.

— Nayib Bukele (@nayibbukele) October 27, 2021

Related Reading | Why Trapped Longs At Bitcoin ATH Could Lead To More Downside

El Salvador’s strategy is an interesting one. However, it is not unique. Bitcoin maximalists have always believed that BTC is the currency of the future. Therefore, the asset should not be measured by its value in USD. Instead, it should be measured by its value in BTC. Ergo, 1 BTC = 1 BTC.

Featured image from Payments Journal, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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