$70,561,800 on its BTC stash. This means that with the latest splash of cash, El Salvador has allocated approximately $85,600,000 in bitcoin.Spending over $85 million in under six months on a highly volatile asset such as bitcoin is risky on its own. Buying ahead of the $69,000 price peak and experiencing the subsequent 50% retracement can certainly bring the heat on Bukele’s administration.
BTC reached the aforementioned ATH in mid-November but went on a ride south in the following few months. The latest retracement came in the past several days, with BTC losing over $10,000 to tap its lowest price point since before El Salvador legalized the cryptocurrency. As of now, bitcoin trades around $36,500 after a $3,500 surge in the past 24 hours. Nevertheless, it still means that El Salvador is down by more than 23% on its BTC investment. This is because the entire stash of 1,801 coins is now worth slightly under $66 million.
However, Bukele still seems undeterred, joking on Twitter about a new position in McDonald’s. He even had some more harsh words about the non-believers yesterday. Most people go in when the price is up, but the safest and most profitable moment to buy is when the price is down. It’s not rocket science 🤷🏻♂️— Nayib Bukele 🇸🇻
Peanuts
kindly also publish an article when they are in profit...
Better to be down 20mil for a short period of time, rather than completely wrecked and full of debt like other bigger countries. Bitcoin 👑
Just make sure you’re as fast to report the gains as well…. We all know that people react more to bad news