El Salvador became the first country to make Bitcoin a legal currency. While this may make Bitcoin investors and maximalists happy, the people of El Salvador may not be so happy. Because Bukele, who says he always buys bottom, seems to be in reverse for now.
The president, who has been criticized for trading Bitcoin with the country’s reserves on his mobile phone, remains silent these days.
As we understand from previous announcements, El Salvador has so far purchased 1391 Bitcoins at a cost of $73.2 million. As of our news hour, the value of these Bitcoins has decreased to 59.5 million dollars. This means that there is a loss of approximately 14 million dollars.
It is unknown whether Bukele, who made the majority of his purchases above $50,000 and remained on the reverse, bought the last bottom.
We only know what is shared about the country’s Bitcoin trading. El Salvador’s wallet addresses are not public, making it difficult to predict when trades were made.
We don’t know if these Bitcoins were sold while they were profitable, although theoretically we think El Salvador is upside down. Recently, Finance Minister Alejandro Zelaya said that the country sold some of its Bitcoin, but did not explain when and at what price these transactions took place.
We are curiously awaiting whether there will be news of a new BTC purchase from Bukele, which has been on the reverse for now.