The Republic of El Salvador has added 150 Bitcoin (BTC) to its stack amid the biggest bear market since Bitcoin attained an all-time high of nearly $68,000 back in the first week of November. El Salvador’s president Nayib Bukele announced the purchase of 150 BTC as the market price momentarily slipped below $50,000 after losing over 15% in market value.
Bukele’s government was able to make the purchase at $48,670 per coin.
While El Salvador’s government was able to make the purchase at $48,670 per coin, the bear market temporarily brought down the Bitcoin price to almost $42,000 after falling over 37% from its all-time high. With this purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 BTC, which is worth nearly $60.3 million at the time of writing. Previously, the president announced purchasing 420 Bitcoin on Oct. 28 during a temporary bearish market. Bukele also acknowledged missing out on purchasing Bitcoin at its bottom as he tweeted: “Missed the f***ing bottom by 7 minutes.”
El Salvador’s government will use bitcoin gains to fund different projects.
The El Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve. On Nov. 21, President Bukele announced the launch of Bitcoin City, an initiative funded initially by $1 billion Bitcoin bonds. Bukele had tweeted, “In #BitcoinCity, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport.” The Bitcoin City project also sees the involvement of prominent crypto companies, including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream. According to the country’s president, the city will soon be home to many local and foreign digital assets offerings developing new digital asset regulations for the country.