El Salvador Snaps up Another 500 Bitcoin

The president confirmed on Twitter that the Central American country has just bought another 500 Bitcoin at an average price of $30,744 per token.

El Salvador may be in a state of emergency right now, but it seems Nayib Bukele is still keeping a close eye on Bitcoin’s price.

On Twitter, the president confirmed that the Central American nation has just purchased an additional 500 BTC at an average price of $30,744 per coin.

Overall, that’s worth more than $15 million — and it comes as the country’s other BTC investments remain seriously underwater.

At 8am London time on Tuesday, when BTC’s price had recovered to $32,000, Bukele followed up with another tweet that declared:

“I could sell these coins right now and make almost a million dollars in just 11 hours, but of course not.”

How Much Losses May cause?

It’s difficult to determine exactly how much Bitcoin is owned by El Salvador — and the exact prices purchases were made for.

But data tracked by Bloomberg suggests that a total of 2,301 BTC has been acquired so far.

Back in January 2022, 410 BTC was snapped up — and at current prices, this investment has plunged by $1.8 million.

The 171 BTC bought in December 2021 has shed $2.8 million, while 100 BTC bought in November 2021 for $54,108 apiece has fallen by a total of $2.2 million.

Bitcoin acquired when El Salvador first made this cryptocurrency legal tender last September is also heavily in the red at this point — unsurprising considering BTC was worth over $50,000 back then.

A close correlation with Wall Street means that BTC could fall further in the coming days.

BTC as a whole fell 80% during the 2018 bear market – and if that pattern is to repeat itself, the world’s largest cryptocurrency could end up hitting a low of $14,000 in the coming months.

While past performance isn’t always indicative of what the future holds, the current economic environment suggests that $30,000 may not be the lowest point for BTC.