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

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Decrypt

Fri, Jul 01, 2022

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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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