El Salvador is keeping their money in the “crypto” game, but not everyone’s smiling. The country’s president has announced that they will keep hundreds of BTC after the cryptocurrency plunged below $50k and its market cap plummeted to a third of what it was just six months ago.

The “bitcoin price crash” is a recent event that caused the price of bitcoin to drop below $50k. El Salvador has decided to invest in Bitcoin and have accumulated 150 BTC in their bank account.

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

El Salvador has purchased 150 Bitcoin (BTC) in the midst of the most severe bear market since Bitcoin hit an all-time high of about $68,000 in the first week of November.

Salvadoran President Nayib Bukele announced the acquisition of 150 bitcoins when the market price fell below $50,000 after losing more than 15% of its worth.

El Salvador has recently purchased the dip!

150 coins with an average price of $48,670 in US dollars #Bitcoin

December 4, 2021 — Nayib Bukele (@nayibbukele)

While Bukele’s government was able to acquire the coins for $48,670 each, the bear market momentarily pushed the Bitcoin price down to roughly $42,000, after it fell over 37% from its all-time high.

El Salvador stacks 150 Bitcoin after BTC price crashes below $50kBTC/USD exchange rate. TradingView is the source of this information.

Bukele also admitted to losing out on buying Bitcoin when it was at its lowest point, tweeting:

“By 7 minutes, I’d missed the f***ing bottom.”

El Salvador’s Bitcoin reserve has increased to 1,270 BTC, which is now valued about $60.3 million at the time of writing. Previously, on Oct. 28, the president declared that he had purchased 420 Bitcoins during a brief bear market. 

The Salvadorean government’s strategy involves extracting unrealized BTC profits in US dollars to support different development initiatives while keeping the central reserve’s total value stable.

El Salvador will establish a Bitcoin City backed by $1 billion in Bitcoin bonds.

President Bukele announced the opening of Bitcoin City on November 21, a project first supported by $1 billion in Bitcoin bonds. Bukele claims that:

“We will have digital and technology education in #BitcoinCity.” Geothermal energy for the whole city, as well as efficient and environmentally friendly public transportation.”

The Bitcoin City initiative also includes famous crypto firms like as Bitfinex and Adam Back’s Blockstream, which, according to Bukele, “will soon be home to several local and international digital asset offers while designing new digital asset laws for the country.”

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