After Losing $60 Million in Bitcoin, El Salvador’s President Buys More - Aliens: AI Crypto News & Markets Updates

After Losing $60 Million in Bitcoin, El Salvador’s President Buys More

Fri, Jul 01, 2022

Aliens TLDR

Undeterred by the massive losses incurred by his strategy of using public funds to invest in Bitcoin, Bukele announced last night that he spent another $1.5 million to buy 80 BTC at $19,000 per coin.

Prior to this latest announcement, Bukele had invested about $104 million to buy 2,301 BTC at an average price of $45,171, according to his own tweets.

El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!

With this latest purchase, Bukele would be bringing the average price invested per Bitcoin down from $45,171 to $44,219.

Michael Saylor, CEO of MicroStrategy, recently announced a new $10 million Bitcoin buy, bringing his company's treasury to 129,699 BTC at an average price of $30,664.

Besides doubling down on Bitcoin despite heavy losses, Bukele’s latest buy was notable for another reason.

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