September 26, 2022

El Salvador bought 80 bitcoins on Thursday for $19,000 each, according to President Nayib Bukele. The nation of Central America’s most recent purchase was in May.

President Nayib Bukele tweeted on July 1 that he had bought bitcoin with

 cheap- price, reaffirmed his faith in bitcoin’s future included with images of 40 transactions from Thursday totaling $1.52 million.

According to Bukele, El Salvador last acquired bitcoin in May when it repurchased 500 coins for a total of $15.3 million at a price of $30,744 a piece.

Alejandro Zelaya, El Salvador’s Minister of Finance, stated in May that the nation held less than 0.5 percent of its yearly budget in bitcoin at the time, and that the risk of bitcoin losses to the nation’s finances is “very tiny.”.

El Salvador now owns 2,381 BTC, which were acquired at an average cost of about $43,000. At the present price of BTC, the Bukele’s government is losing more than $ 57 million of the $ 104 million cash used to acquire the aforementioned BTC, or 55 percent of its investment.

Summited by HotQA