After a sharp correction of the cryptocurrency market falling below $2T, the government of El Salvador decided to purchase 410 additional Bitcoin.
According to President Nayib Bukele, the purchase cost the country JUST $15 million. And like a pro trader, Bukele points out that some guys are selling cheap.
“Nope, I was wrong, didn’t miss it. El Salvador just bought 410 #bitcoin for only 15 million dollars. Some guys are selling cheap.”
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022
With an average purchase price of $36,585, there are 1,651 Bitcoin on the balance sheet of the state fund of El Salvador.
Bitcoin pessimist Peter Schiff said that Bukele wasted federal money and urged him to stop buying cryptocurrency in a falling market from the country funds; if he likes to bet on Bitcoin, then do it with personal investment.
“That means you wasted over $36,500 per Bitcoin. If you want to make bad bets on Bitcoin, do it with your own money. Why didn’t you include in your tweet how much Bitcoin you HODL and how much money you have already lost? I warned you not to buy the last dip. Don’t buy the next!”
That means you wasted over $36,500 per #Bitcoin. If you want to make bad bets on #Bitcoin do it with your own money. Why didn't you include in your tweet how many Bitcoin you HODL, and how much money you have already lost. I warned you not to buy the last dip. Don't buy the next!
— Peter Schiff (@PeterSchiff) January 21, 2022
Recently Moody’s, the credit rating agency issued a warning about the risk of El Salvador’s credit downgrade on account of Bitcoin; President Nayib Bukele in response stated in capital letters that “El Salvador doesn’t care.”
On January 22, the price of Bitcoin continued to fall since Friday, dropping below $36,000. The correction exceeded 48% from ATH. At the time of writing, the asset is trading near $35,800.
Bitcoin pulls the rest of the market with it – all assets from the top 10 by market capitalization remain in the red zone. Terra (-22.3%), Polkadot (-18.8%) and Solana (-18%) showed the worst price action. The price of Ethereum dropped by 12% in a day, to $2508, according to CoinGecko.
Earlier, Bukele said that in 2022 the price of digital gold would rise to $100,000. while Hundreds Of El Salvador Citizens Reported Their Bitcoins Are disappearing From State-Owned Chivo Wallet.