Nayib Bukele, the President of El Salvador, recently announced on Twitter that the country had purchased the latest Bitcoin dip. El Salvador added 420 Bitcoin worth approximately $25 million to its BTC portfolio. El Salvador accelerated its BTC accumulation in September 2021. After becoming the world’s first country to recognize Bitcoin as an optional legal tender in the country, El Salvador’s BTC holdings crossed 400 coins during the first week of September 2021.
El Salvador has made significant profits on its BTC holdings.
President Bukele revealed that the country has made significant profits on its BTC holdings. “It was a long wait, but worth it. We just bought the dip—420 new Bitcoin. We’re already making a profit from the bitcoin we just bought. How do we make a profit if 1 BTC= 1 BTC? We have a trust fund account in USD, but both USD and BTC fund the trust. When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total,” Bukele mentioned on Twitter.
BTC saw a correction of approximately 10% in the last 7 days.
After soaring above an all-time high of $66,000 on 21 October 2021, BTC saw a correction of approximately 10% in the last seven days. However, the cryptocurrency is still trading near $60,000 with a market cap of over $1.1 trillion. Analysts termed the latest dip a ‘healthy correction’ for BTC after a significant bullish move. The recent data from Santiment indicates that Bitcoin whales believe in long-term price growth of the digital asset despite the correction. The cryptocurrency community is optimistic of the near future of bitcoin.