Bukele took advantage of the low price and bought 80 more bitcoins for El Salvador

First modification: 07/01/2022 – 10:52Last modification: 07/01/2022 – 10:50

“El Salvador bought 80 btc today (at $19,000 each),” the president wrote on Twitter, in English. “Bitcoin is the future, thanks for selling cheap,” he added.

Given the decline in the price of cryptocurrencies and the criticism received by his Administration, on June 19 the president stated that “patience is the key” when investing in bitcoin.

“I see that some people are worried or anxious about the price of bitcoin in the market”, “my advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will grow a lot after the bear market (pessimistic markets and falling prices),” the president stressed at the time.

In September 2021, El Salvador became the first country to accept bitcoin as legal tender at par with the dollar. Then a bitcoin was around 44,000 dollars.

On November 10, bitcoin had its historic price of over $68,000. It has then maintained a downward trend, dragged down by the collapse of other crypto assets, amid turmoil in those markets.

The Government created the Chivo Wallet electronic wallet so that salvadorans can operate in this asset and facilitate the sending of remittances, without paying high commissions.

This Thursday, June 30, the president of the Central Reserve Bank (BCR), Douglas Rodríguez, reported that El Salvador received from January to May a total of 3,145.6 million dollars in family remittances, with a growth of 3, 9% compared to the same period in 2021.

Most of the remittances arrive through the banking system and other agencies of that service, but those sent by Chivo Wallet do not reach 2% of the shipments.

“Remittances through the Chivo Wallet register 52 million dollars from January to May with zero costs and commissions for sending them,” Rodríguez assured.

On May 10, Bukele announced that El Salvador bought 500 bitcoins, taking advantage of the low price. With the new acquisition this Thursday, the country accumulated 2,381 units of the asset.