The Republic of El Salvador purchased 150 Bitcoin (BTC), amid the largest bear market since Bitcoin reached an all-time high of almost $68,000 in the first week of December.
Salvadoran President Nayib Bukele announced that 150 BTC was purchased by him as the market price fell below $50,000, after it had lost over 15%.
El Salvador has just purchased the dip! 150 coins for an average USD price $48670 #Bitcoin
— Nayib Bukele (@nayibbukele) December 4, 2021
Although Bukeles government was successful in obtaining the coin at $48,670, the bear market brought down Bitcoins price temporarily to $42,000. It had fallen over 37% since its peak.
BTC/USD market prices. Source: TradingView
Bukele also admitted that he missed out on buying Bitcoin at its bottom when he tweeted:
“Missed 7 minutes of the f***ing bottom.”
El Salvador now has 1,270 Bitcoins in its Bitcoin reserves, which amounts to nearly $60.3 Million at the time this article was written. The president previously announced that he had purchased 420 Bitcoin during a temporary bearish period on October 28.
The Salvadorean governments game plan calls for the withdrawal of unrealized BTC gains in U.S. Dollars to finance various development projects, while maintaining the central reserves overall value.
Related: El Salvador will inaugurate Bitcoin City, backed $1B BTC bonds
November 21 was the official launch of Bitcoin City. The initiative was initially funded by $1 billion Bitcoin bonds. According to Bukele
“In #BitcoinCity, we will have digital education and technology training. The entire city will have access to geothermal energy and sustainable, efficient public transport.
Bitcoin City also includes prominent crypto companies like Bitfinex and Adam Back’s Blockstream. According to Bukele, the Bitcoin City project “will soon be home many local and foreign assets offerings, developing new digital asset regulations for the country.”