The Republic of El Salvador grabbed 150 Bitcoin (BTC) in the middle of the biggest bear market as Bitcoin hit a record high of nearly $68,000 in the first week of November.
El Salvador President Neb Bukele announced a 150 bitcoin purchase when the market price temporarily dropped below $50,000 after losing more than 15% of its market value.
While Bukele’s government was able to buy at $48,670 per coin, the bear market temporarily pushed bitcoin’s price to nearly $42,000 after falling above 37% from its all-time high.
Market price of BTC/USD. Source: TradingView
Bukele also admitted that he skipped buying Bitcoin at the bottom when he tweeted:
“Went down the fucking for 7 minutes.”
Thanks to this purchase, El Salvador’s bitcoin reserves now stand at 1,270 BTC, which is approximately $60.3 million at the time of writing. The president previously announced that he bought 420 bitcoins on October 28 during a temporary bear market.
The game plan of the El Salvador government includes extracting unrealized profits from BTC in US dollars to fund various development projects while maintaining the overall value of the central reserve.
Related: El Salvador Opens Bitcoin City Backed by $1 Billion BTC Bond
On November 21, President Bukele announced the launch of Bitcoin City, an initiative originally funded with $1 billion in Bitcoin bonds. According to Bukele:
At #BitcoinCity, we want digital and tech education. Geothermal energy for the entire city and efficient and sustainable public transportation. ”
The Bitcoin City project also includes well-known crypto companies, including crypto exchange Bitfinex and Adam Backs Blockstream, which, according to Bukele, “will soon become home to many local and foreign digital assets that are developing new digital asset regulations for the country.”