El Salvador Buys BTC Dip Again, Here's How Much Has Been Gained in Last Few Hours

Amid ongoing bearish market conditions, El Salvador has once again bought the Bitcoin dip with an addition of 80 BTC. El Salvadoran President Nayib Bukele announced the purchase on his Twitter handle, stating, "El Salvador bought 80 BTC today at $19,000 each. Bitcoin is the future! Thank you for selling cheap."

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

Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze

— Nayib Bukele (@nayibbukele) July 1, 2022

The last purchase of Bitcoin by El Salvador was on May 9, when it acquired 500 BTC. At that time, Bukele gave an average purchase price as $30,744 in a transaction valued at $15 million at the time.

Here's how much was gained

As reported by Colin Wu, the 80 BTC were bought at a price of around $19,000 each, which gives a total of about $1.52 million. This would be the eleventh time El Salvador has bought BTC and currently holds 2,381 BTC at an average price of $43,000.

In recent hours, the lead cryptocurrency, Bitcoin, managed to reclaim the $20,000 level, rising to a high of $20,879 at the time of publication. If El Salvador's recent BTC investment were to be valued at this daily high, it would amount to $1,670,320, which represents a gain of $150,320 within a few hours.

However, if taken at Bitcoin's recent price of $19,511, El Salvador would only make about $40,880. Overall, on its Bitcoin investments, El Salvador remains over 57% underwater at an average BTC price of $45,900.

This comes as the price of Bitcoin has dropped more than 70% from its November 2021 all-time highs and nearly 57% from the time Bukele declared his Bitcoin adoption plan. As a result, the government's cryptocurrency reserves have been reduced by half, and the national adoption of Bitcoin has not taken off as expected.