Digital Assets: Bukele Snaps Up 420 More Bitcoin For El Salvador

October 28, 2021 | Digital Assets, News

The El Salvador President likely bought the BTC below $60,000, after the crypto corrected from its all-time-high above $66,000.

El Salvador President Nayib Bukele is becoming quite the accomplished bitcoin (BTC) trader. Earlier today he embellished the country’s BTC holdings with an opportunistic purchase of 420 BTC. He exulted in a tweet: “It was a long wait, but worth it. We just bought the dip! 420 new #Bitcoin.” According to media outlet La Prensa Gráfica, BTC was trading at US$58,999 at the time of Bukele’s tweet, translating the value of the transaction to approximately $25 million. (CryptoNews)

At the time of writing, BTC has shot above the $60,000 level and is trading at $61,624.88. That’s an approximate book profit of over $1.1 million.

Sure enough, Bukele followed up with another tweet: “We’re already making a profit off the #bitcoin we just bought.”

El Salvador hoard of BTC at 1,120

According to Coin Telegraph, El Salvador’s BTC purchases now aggregate 1,120 BTC at an average price of $53,300.

These commenced on September 6, a day before BTC became legal tender in the country. It is Bukele’s assertion that the move will ultimately lower the cost of inward remittances from the legions of Salvadorans who live and work overseas.

According to Reuters, these migrants send back $6 billion annually, which accounts for about 25% of the country’s GDP.

Pushing up the adoption of BTC is therefore a pet priority of Bukele.

Last month the young president claimed in a tweet:

“2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads). Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined. This is wild!”

Related Story: President Bukele Says More Than Two Million Salvadorans Using Chivo Crypto Wallet

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