After the price of BTC fell below $50,000, El Salvador accumulated 150 bitcoins

Since Bitcoin hit an all-time high of nearly $68,000 in the first week of November, the Republic of El Salvador has purchased 150 Bitcoins (BTC) in the biggest bear market.

The President of El Salvador, Nayib Bukele (Nayib Bukele) announced the purchase of 150 BTC because the market price temporarily fell below $50,000 after the market value fell by more than 15%.

Although the Bukele government was able to buy it at a price of $48,670 per coin, the bear market temporarily reduced the price of Bitcoin to almost 42,000 USD after falling more than 37% from all-time high.

BTC/USD market price. Source: TradingView

Bukele also admitted that he missed the opportunity to buy Bitcoin at the bottom because he Tweet:

“Miss the bottom of 7 minutes.”

With this purchase, El Salvador’s Bitcoin reserves now reach 1,270 BTC, which is worth nearly $60.3 million at the time of writing.Earlier, the president announced Buy 420 Bitcoin on October 28 In a temporary bearish market.

The Salvadoran government’s game plan includes withdrawal Unrealized BTC USD proceeds used to fund various development projects At the same time maintain the overall value of the central reserve.

related: El Salvador will open Bitcoin City with the support of $1B BTC bonds

On November 21, President Bukele announced the launch of Bitcoin City, which was initially funded by a $1 billion Bitcoin bond. According to Buckler:

“In #BitcoinCity, we will conduct digital and technical education. Geothermal energy throughout the city and efficient and sustainable public transportation.”

The Bitcoin City project also saw the participation of well-known crypto companies including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream. According to Bukele, these companies “will soon become the home of many local and foreign digital asset products. China formulates new digital asset regulation.”