El Salvador buys out more than 1,000 bitcoin in the fall of price

Source: Criptonoticias Original Title: El Salvador buys more than 1,000 bitcoin during the price drop Original Link: https://www.criptonoticias.com/comunidad/adopcion/el-salvador-compra-1-000-bitcoin-caida-precio/

• According to the country's Bitcoin Office, the new investment was 100 million dollars.
• El Salvador accumulates a total of more than 7,400 BTC.

El Salvador surprised on Monday with a maneuver in the market, reporting the acquisition on the day of 1,090 units of bitcoin (BTC). This for a total of 100.4 million dollars (USD).

In other words, the operation amounted to a cost of around 92,100 dollars per bitcoin. The initiative took place amid a drop in the price of the currency, which just over a month ago reached a historic high of nearly 126,000 dollars per unit.

This move is part of El Salvador's strategy to increase its accumulation during price drops. Normally, the government adds one bitcoin a day to its public reserve and, at key moments it sees in the market, makes a larger acquisition as in this case.

Your new accumulation occurs despite the fears in the market that the price of bitcoin continues with bearish winds. In this sense, the movement highlights the bullish sentiment of the Salvadoran government, against negative projections.

With this new addition, El Salvador holds a total of 7,474 BTC, valued at nearly 700 million dollars. The country's investment made so far is 312 million dollars, which represents an unrealized gain of 268 million dollars.

The president of El Salvador, Nayib Bukele, celebrated the increase in reserves with a short exclamation of joy, without going into more detail on the topic.

“El Salvador is winning,” declared the country's Bitcoin Office, responsible for the acquisitions of the currency, in the announcement.

It is worth noting that, according to this year's International Monetary Fund (IMF), El Salvador's bitcoin stock remains “unchanged,” in line with its loan agreement. According to the organization, the increases in its reserve reflect the consolidation of bitcoin through various government-owned wallets.

That is why it is unknown whether the accumulation that the country reports daily consists of new purchases or holdings that were previously unknown to the public.