El Salvador Buys The Dip: 420 More Bitcoins —And The Investment Is Already Profitable

El Salvador’s president has done it again. He is a Bitcoin maximalist and the price crash didn’t scare him. Instead of tweeting or complaining that his precious coin was going down to $0, he bought more Bitcoin.

Nayib Bukel announced in a tweet that he had purchased the dip. The expression “Buying the Dip” refers to buying a low-cost asset in a bear market and waiting for it to recover.

El Salvador’s president claimed that he purchased 420 more Bitcoins –a common meme number associated to the marijuana community. This seems to be another of his jokes such as calling himself the emperor of his nation, putting lasers in his eyes and tweeting hashtags alluding to the most important cryptocurrency within the crypto world.

It was a long process, but it was worth it.

We have just purchased the dip!

420 new #Bitcoin

— Nayib Bukele

(@nayibbukele October 27, 2021

Profitable Investment

Auditing the government wallet is impossible. Bukele did not provide any details about the TXID transaction. The investment seems to be paying off. Just an hour after the announcement, El Salvador’s president was already bragging about the return on his investment.

Hahaha, we are already making a profit from the #bitcoin that we just purchased.

— Nayib Bukele

(@nayibbukele October 27, 2021

Bukele could have bought the dip of the dip if that was the case. He later tweeted that it was all due to a rebalancing in the country’s Bitcoin trust which allows him cash out in USD if Bitcoin prices rise.

Through this rebalancing, he has been able to take advantage of rising prices for public works funding. Bukele recently announced that he would build a large animal hospital with money derived from Bitcoin Trust profits.

El Salvador now owns 1120 BTC despite all the controversy

Despite his authoritarian tendencies, Nayib Bukele is the most loved president of the Bitcoiner community. Maximalists like Anthony Pompliano and Michael Saylor often refer to Bukele, and polls show him having a higher approval rating than 80% according to data from over a dozen surveys, including CID Gallup and Francisco Gavidia University, Mitofsky and La Prensa Grafica.

Source: Mitofsky

70% of El Salvadorans are not happy with the idea of adopting Bitcoin. They call the Bitcoin Law “not wise” It was implemented in a hurry, which led to intense anti Bitcoin protests. BTC’s drop of almost 10% on the day it became legal tender was not enough to calm people.

Despite posting losses of more than $11,000,000, BTC’s rise towards a new ATH has El Salvador’s bank account in the green with $5 million in profits. This is even after Bitcoin’s recent drop below $60K.

El Salvador would now have approximately 1120BTC with this purchase. This is a good price for a relative newcomer.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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