El Salvador aims to 'deep buy' to buy at least 1,801 bitcoins

Salvadoran President Nayves Bukele said in a tweet on Friday that El Salvador bought an additional 410 bitcoins for $15 million.

To date, the country has purchased at least 1,801 bitcoins.

Salvadoran President Nayves Bukele tweeted on Friday that El Salvador bought an additional 410 bitcoins for $15 million.

"Some vendors are very cheap," Bukele wrote in English. Bitcoin hit a six-month low today.

According to CoinMarketCap, the Bitcoin price fell around $36,630 at 4:54 p.m. local time. Bitcoin prices continued to drop overnight.

Bukele's January 21 tweet, in response to a January 14 tweet, wrote that the president "could miss defeat this time around", but he said in a recent update: "No yes, I made a mistake.) don’t forget.”

Many of us know the volume and timing of Bitcoin purchases in El Salvador by tweeting from Bukele, who has often said that El Salvador is "the end of the recession". This refers to the idea of ​​buying Bitcoin at a "low" price when the Bitcoin price goes down, which is in the buyer's best interest when the price goes up.

From what we know of El Salvador's purchase history, he is now buying at least 1,801 BTC in El Salvador. According to Bukele's announcement, before the last tweet, El Salvador had collected 1,391 bitcoins. In a January 12 statement, Bloomberg estimated that Bukele's announced Bitcoin acquisition would then cost El Salvador $71 million.

According to Bukele's tweet, El Salvador's bitcoin purchases are as follows:

Total Bitcoins so far: 1801

January 21, 2022 - 410 BTC ($15 million at time of purchase)

December 21, 2021 - 21 BTC

December 4, 2021 - 150 BTC (for an average price of $48,670)

November 26, 2021 - 100 BTC

October 27, 2021 - 420 BTC

September 19, 2021 - 150 BTC (700 total)

September 7, 2021 - 150 BTC (550 total)

September 6, 2021 - 200 BTC (2nd purchase)

September 6, 2021 - 200 BTC (first purchase)

Source: Block review of Bukele tweets about buying Bitcoin

However, Salvadorans and market analysts have raised questions about how the country buys Bitcoin, not only because of the economy, but also because Bukele is often bedridden and sells words in the media. For example, on December 4, Bukele tweeted, “I miss the 7 minute low price.” On the same day, it was revealed that he traded bitcoins on his cell phone. When Bloomberg mentioned Bukele's phone deal in a tweet on a recent story, she replied "naked" in other words.

Naturally, people wonder exactly what Bukele decides when and how to buy Bitcoin. El Salvador's chief financial officer, Alejandro Gelaya, participated in a local Prente a Frente information conference in January about the existence of a special group for the bitcoin market. A visitor was asked about the methods used by the government to buy and sell bitcoins and wondered if the concept included tools such as asset management, algorithmic trading or review.

"Of course, there's the process of using technology and buying bitcoin," Zelaya replied without explanation.