The president of El Salvador says that the Central American nation bought more Bitcoin (BTC) during the latest crypto dip.
President Nayib Bukele tells his 3 million Twitter followers that the country just purchased an additional 420 BTC, and they’re already in the green.
“It was a long wait, but worth it. We just bought the dip! 420 new Bitcoin.
We’re already making a profit [off] the Bitcoin we just bought.”
Bitcoin’s price recently plunged, sending the top crypto tumbling from a seven-day high of $63,917 to $58,505, an 8.5% decrease according to CoinGecko. BTC had hit a new all-time high of $67,118 last week.
According to Bukele, El Salvador is profiting from a trust fund that’s funded by both the US Dollar and BTC.
“How do we make a profit if 1 BTC = 1 BTC?
We have a trust fund accounted in USD, but the trust is funded by both USD and BTC.
When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total.”
El Salvador also purchased 150 BTC during last month’s dip. The country now holds 1120 BTC in total, worth about $69,000,000 as of writing.
BTC has since stabilized and is exchanging hands $61,520 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Pavel Chagochkin