Applying the buy-to-bottom strategy Bitcoin (BTC) The president of El Salvador, who made the purchases, may not have achieved the desired performance in this strategy.
El Salvador, the first country to recognize Bitcoin as a legal currency nationwide, has been ‘mocking’ by some phenomena after Bitcoin, which it considers as ‘digital gold’, fell to the level of $43,000. The declines in the leading crypto asset Bitcoin have damaged El Salvador.
On Average How Many Dollars Did El Salvador Buy Bitcoins For?
El Salvador saw the correction periods that occurred when the crypto markets were in a bull run as a buying opportunity and bought multiple BTC. The last purchase was made when the price dropped to $50,000.
According to the country’s president’s Twitter account, the crypto-trading nation’s average purchases are around $49,000. The country made its last purchase at an average of 100-150 BTC, which may mean a loss of about $ 1 million at the moment.
While the “buy at the bottom” strategy is sometimes profitable and easy to use, it did not work well in the medium term in the case of El Salvador. Considering that the country’s average inflow is around $50,000, current crypto portfolios are down about 15%.
Noted Bitcoin critic Peter Schiff made a call and joined the anti-crypto community in the country for forcing El Salvador’s President Nayib Bukele into a “pyramid scheme” rather than giving the country’s citizens more financial freedom.
Thanks to @nayibbukele the poor nation of #ElSalvador is now even poorer after blowing millions on #Bitcoin. El Salvador ranks 94th on the Index of Economic Freedom. El Salvador’s young President should provide freedom to his people, not forced participation in a pyramid scheme!
— Peter Schiff (@PeterSchiff) January 6, 2022
Bitcoin is currently trading at an average of $42,300 and has lost 1.39% in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.