Insights

El Salvador Now Owns 700 Bitcoins

El Salvador’s President Nayib Bukele told the world via Twitter yesterday that the Latin American nation bought the “Bitcoin price dip,” exchanging dollars for Bitcoin at a time when he believes Bitcoin remains incredibly undervalued by the global market. 

The price of Bitcoin was close to $45,700 at the time of the president’s tweet. The coin was down from highs near $50,000 earlier in the week. It currently sits at around $43,500 at the time of writing. 

On September 6, just before Bitcoin was  declared legal tender in El Salvador, the president announced that the country bought 400 BTC, at the time he planned on buying “a lot more” with government funds. With that historic announcement, El Salvador became the first country in the world to publicly put Bitcoin on its balance sheet. It has since bought 300 more bringing the total to 700 Bitcoin making their balance sheet approximately $30,340,590. 

You can see by how small that amount of money is compared to what a major country could do to the value of bitcoin if it started an accumulation of the cryptocurrency. The president is willing to invest billions of dollars into Bitcoin. Is he crazy or ahead of his time?

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