El Salvador takes advantage of Bitcoin drop and buys more coins

Bitcoin faces a correction of almost 14% since last Thursday (21), when it reached its new all-time high at $67,000 — about BRL 378,000 in direct conversion. The moment, while daunting as it sounds to most inexperienced investors, sounded like a “promotion” for El Salvador, which added another 420 coins to its coffers — or rather, digital wallets.

As announced in a tweet by Nayib Bukele, the current president of El Salvador, the country forecasts profits for the coming months. According to the head of state, federal funds reserve values ​​in both US dollars and Bitcoin, guaranteeing the freedom to carry out operations when one of the assets depreciates in relation to the other.

Although Bukele does not detail the average price of its investments in Bitcoin, it is possible to assume an estimate close to US$59,000, around R$333,000, being the lowest floor recorded by the digital asset in two weeks. With the purchase, El Salvador holds a total of 1,120 coins, which currently amount to $68.1 million.

However, transactions between the two assets are not the only way to increase El Salvador’s bitcoin equity. Since making cryptocurrency legal tender, the country has invested in clean mining farms, which use energy generated by volcanoes to produce new ones. satoshis — as Bitcoin cents are called.


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