El Salvador “bought the dip”

Salvadoran president Nayib Bukele indicated in a series of tweets that the El Salvador government has bought 420 more bitcoin ($25million).

“It was a long wait, but worth it. We just bought the dip!” said Bukele. “We’re already making a profit on the bitcoin we just bought.”

On 20 October, Bitcoin reached an all-time high price of $66,974 before it dipped to $58,179 on 27 October, the day Bukele tweeted the update and most likely made the purchase.

El Salvador’s treasury now holds an estimated 1,120 bitcoin according to a Reuters report.

“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,” President Bukele said in a tweet.

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