El Salvador has added more bitcoins to their stash. This was revealed by the country’s president, Nayib Bukele. In the revelation made via a tweet on July 1, the president was thankful for buying “cheap”. In his post, Bukele wrote that Bitcoin is the future.
An attached image to the post shows that the 80 bitcoin were bought in 40 transactions. The first transaction of 0.25 BTC was made at 5.39 AM on June 30. The subsequent transactions were made between 5.39 AM and 5.41 AM. The 40 transactions were made in just 2 minutes.
Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
The maximum amount of BTC bought in the transactions was … while the minimum was 0.00013 BTC, made at 5.40 AM.
In his reaction to the news, Jeff Booth, the author of Price of Tomorrow said that the role that El Salvador has played in identifying with Bitcoin would yield the country a long-term benefit via tourism. Responding to Bukele, Booth said,
“Your tourism increase alone is enough to pay for your holdings. Add the entrepreneurs moving there to build the future, and what it does to help the citizens of El Salvador and it seems like a pretty great bet.”
On December 4, 2021, the president also bought some bitcoins during a dip. After the purchase, Bukele said that he missed the bottom by 7 minutes. On that day, El Salvador bought 150 bitcoins at $48,670.
El Salvador has shown deep commitment and belief in Bitcoin. This has earned the administration criticisms, especially from the world bank after BTC was legalized as a legal tender in the country.