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.
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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."
El Salvador's Losses
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.
During the 2018 bear market, Bitcoin fell by 80% overall — and if this pattern was to be repeated, the world's biggest cryptocurrency could end up touching lows of $14,000 in the months ahead.
While past performance doesn't always indicate what lies ahead in the future, the current economic climate suggests $30,000 may not be rock bottom for BTC.
