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Nearly $15 Million Worth of Bitcoin Purchased By El Salvador

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The country of El Salvador has been taking the spotlight in cryptocurrency lately, especially on recent news on the country’s stance regarding cryptocurrency. Their President Nayib Bukele headed a project that onboarded nearly 4 million of the country’s population in cryptocurrency to help them financially. And it seems like the news isn’t over yet since El Salvador has begun making moves once again. 

El Salvador Purchases $15 Million Worth in Cryptocurrency

A recent tweet by the President of El Salvador, Nayib Bukele shows that the country of El Salvador has purchased $15 Million worth in Bitcoin. That’s an additional 410 Bitcoin for the country!

The reason why the President was so adamant about buying a large amount was that a lot of people were selling Bitcoin really cheap which happened when the cryptocurrency was hitting a new six-month low that day.

President Nayib Bukele Tweeted the country buying another 410 Bitcoin

Before Bukele’s tweet, the price of Bitcoin was nearly about $36,630 which was almost an hour before the President tweeted of the country’s purchase of Bitcoin. And this isn’t the first time the president has tweeted regarding El Salvador’s crypto purchases since he’ll often Tweet about it if he misses a dip and other events. 

As of right now, the country of El Salvador is estimated to have bought more than 1,800 Bitcoins just based on the tweets and purchase history of President Bukele. Just before buying the latest 410 Bitcoin, El Salvador has already gathered 1,391 Bitcoins. 

One of the biggest concerns that people have right now regarding President Bukele’s trading is how he does it.  Do they follow necessary procedures for the financial safety of their country? Does he just buy Bitcoin himself without consulting experts?

An interview with Alejandro Zelaya, the finance minister of the country reveals that there is a team of dedicated experts handling the trading of Bitcoin. However, when the minister was asked what their strategy was, he didn’t give any specifics. 

Conclusion

President Bukele has made importantimportant moves over the past few months regarding Bitcoin and there have been a lot of memes circulating about him lately. The country owning so much Bitcoin may help them in the long run especially when Bitcoin starts to go full bull once again.

We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.

ABOUT THE AUTHOR

Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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