Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: codehash on January 22, 2022, 11:14:09 PM
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President Nayib Bukele confirmed that the purchase of 410 BTC was made against $15 million, placing the trading price at approximately $36,585 per BTC.
The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices trade below $37,000, a price last seen on July 26th, 2021.
https://cointelegraph.com/news/el-salvador-buys-its-cheapest-410-bitcoin-as-prices-reach-36k
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I think what he has done was pretty irresponsible as a State Leader as he basically gamble with taxpayer's money. Nobody can predict the price of BTC, and what will happen if the price goes to below $30k? He should bet with his own money.
But if he can hodl long enough tho, I believe the price can bounce back, but not sure for the timeframe. Last time, bear market lasted for 1.5 years IIRC.
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No one can make accurate predictions about the value of bitcoin, yet El Salvador's move to buy bitcoin can be commendable, if the price of bitcoin goes above your high score in the future, it will have positive results.
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The country that advertised the most at this time was El Salvador. The whole world recognized El Salvador as the country where Bitcoin is used the most. Their president is also very young and energetic and seems like someone who will make a name for himself
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Well, at least they bought it pretty low and when it rallies again it may work in their favour and help with the acceptance of Bitcoin in general.