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Thursday, February 29, 2024

El Salvador “Buys the Dip” stocks up on 500 Bitcoin

El Salvador continues to stock up on bitcoin. The country is investing a total of 15 million US dollars in the cryptocurrency, as President Nayib Bukele announced via Twitter.

Nayib Bukele has done it again. As announced by the President of El Salvador via Twitter , the Central American country is buying 500 bitcoins for $15 million at an average price of $30,744.

El Salvador’s President Nayib Bukele announced in a tweet in the early hours of Tuesday that El Salvador has capitalised on the crypto market crash and has added 500 new Bitcoins to its Bitcoin reserves.

Together with past purchases , El Salvador holds over 2,000 Bitcoin in its digital treasury.

Bukele seems firmly convinced that Bitcoin is the best long-term investment for his country. El Salvador owns a total of 2,300 BTC, although the president’s speculation has not been a great success story so far.

Bukele can still boast that his acquisition is already in the black, but this picture can change very quickly. The market is currently undergoing a correction that is carrying Bitcoin back above the $32,000 mark at press time.

Justin Sun goes with it

He just can’t do anything else and has to look for the center. With his announcement that he has drawn level with El Salvador, he has succeeded again. Justin Sun also bought the dip, paying around $31,031 each for 500 bitcoins.

His latest project Decentralized USD does not suffer from the same problems as TerraUSD and LUNA. With the public confession to have bought more Bitcoin, Bukele and Sun both received a lot of support from the community.

The fact that BTC is currently the better choice than TRX seems to be the case at the moment. Because the TRX course found support at 0.072 US dollars, but is clearly dependent on the key currency of the crypto market. Historically, the strategy of buying the dip has tended to work, but it is significantly more risky in bear markets than in bullish periods because a new low can be made at any time and you can slip into the red.

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