President of El Salvador announces that he bought bitcoins for $19,000

BY Julio Molina

The president of El Salvador, Nayib Bukele, added 80 more bitcoins to his wallet, bought at $19,000. We tell you the details of the event.

The cryptocurrency market has closed the first half of the year with very notorious losses, especially Bitcoin, which fell more than 50% from the beginning of the year to the current date. However, for Bitcoin bulls this is just another opportunity to buy at a giveaway price. In fact, the president of El Salvador, Nayib Bukele, added 80 more bitcoins to the national wallet. We tell you the details below.

The president of El Salvador closed the month of June with a purchase of 80 bitcoins at $19,000

Yesterday, June 30, the president of El Salvador, Nayib Bukele, announced on Twitter that he has closed the month of June with a wonderful purchase of 80 bitcoins for a price of 19 thousand dollars per unit. Furthermore, in the same post that he made, he also started that Bitcoin is the future, and many thanks to those who sold him cheap.

It is also worth noting that this is not the only purchase that the renowned Bitcoin bullish president has made. According to the data that is known, Nayib Bukele must already have under control at least 2,301 bitcoins. Certainly, these are part of the country's funds, however, what is really worrying is that the tokens can be sold, and to date, it is unknown if some have been sold or are still kept in reserve.

For the price at which Bitcoin is currently trading, the amount under Salvadoran management amounts to approximately 46 million dollars. Although in the same way it continues in losses, since its previous purchases were made when BTC was trading more than $30K.

Although it is not clear whether they have sold part of their stored cryptocurrencies to mitigate losses, it is known that the creation of new structures is already being financed with Bitcoin. Even so, the Salvadoran finance minister denied having sold coins, since otherwise they would be registering losses.

But this seems contradictory to what was exposed by Chivo Pets. This local media outlet in El Salvador published that the president is creating the first public veterinary hospital in the country. And later, in the same thread of the post, he explains that the construction funds are part of the government profits that have been made with Bitcoin.

To conclude, the International Monetary Fund again emphasizes that the country must eliminate the condition that Bitcoin is legal tender. Since, it is too volatile, and trading bonds for several million dollars is quite risky for both parties when the backing is bitcoins.