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El Salvador Piles 150 Bitcoin after BTC price crashes below $50k

El Salvador’s Bitcoin reserve has now reached 1,270 BTC, which is worth approximately $60.3 million as of writing.

The Republic of El Salvador has acquired 150 Bitcoin (BTC) in the midst of the biggest bear market since Bitcoin reached an all-time high of nearly $68,000 back in the first week of November.
Salavadoran President Nayib Bukele announced the purchase of 150 BTC after the market fell below $50,000 after losing over 15% in value.

Bukele’s government was able to buy the purchase at $48,670 per coin, but the bear market temporarily brought the Bitcoin price down to almost $42,000 after falling over 37% from its all-time high.

As an acknowledgement of missing out on buying Bitcoin at its bottom, Bukele tweeted:

El Salvador’s Bitcoin reserves have now reached 1,270 BTC, worth nearly $60.3 million at the time of writing. Earlier last month, the president revealed he had purchased 420 Bitcoin during a temporary bear market.

Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the value of the central reserve.

On Nov. 21, President Bukele announced the launch of Bitcoin City, a project funded by $1 billion in Bitcoin bonds. According to Bukele:
The #BitcoinCity will offer digital and technological courses. Geothermal energy for the whole city and efficient and sustainable public transportation.”

The Bitcoin City project also sees the involvement of prominent crypto companies including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream, which according to Bukele, “will soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country.”

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