President of El Salvador continues to buy the dip, purchased another 100 Bitcoin, about $5.4 million

El Salvador President Nayib Bukele remains unaffected by this week’s bearish Bitcoin market. He took the opportunity to earn another 100 Bitcoin.

El Salvador buys the dip, adds 100 more Bitcoin to the existing stash

Bukele recently announced on Twitter that his country had bought 100 more Bitcoin. That’s about $5.4 million worth of the main cryptocurrency at today’s prices. Despite Bitcoin’s dramatic drop this week, the president has been unpredictable with his investment. Instead, he sees it as an opportunity to stack sats.

Last month, as AZCoin News reported, the president announced a much larger purchase of 420 Bitcoin after its dollar price dropped to the lower 60k range. Combined with a recent purchase, El Salvador now holds over 1,000 Bitcoin.

As always, notorious anti-Bitcoin gold mogul Peter Schiff was unimpressed. In response to Bukele, he said the sale is unfortunate for the people of El Salvador and doubts that the country will eventually cut its losses and sell its BTC.

president-of-el-salvador-continues-to-buy-the-dip-purchased-another-100-bitcoin-about-5-4-million

Source: Nayib Bukele

However, El Salvador has shown every intention with HODL up to this point. On the day it became legal tender in the country, the president announced multiple Bitcoin investments in a row, even as its price dropped rapidly. Then, when prices skyrocketed last month, El Salvador used its profits to build a pet hospital — but only by mining dollars in its Bitcoin fund.

Bukele announced El Salvador’s plan to build a “Bitcoin City,” funded by a $1 billion volcano bond a few days ago. Half of the funds will be used to buy Bitcoin, and the other half will be invested in Bitcoin mining infrastructure utilizing the nation’s volcanic energy.

This is further proof of El Salvador’s long-standing belief in Bitcoin’s bullishness. If it rises, the nation’s returns from its Bitcoin holdings and mining will help return the bond’s 6.5% annual coupon. So far, the average yearly price increase of Bitcoin since 2013 is 100%.

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