Crypto Community Supports Bukele
Soon after Bukele’s tweet, many crypto enthusiasts rushed to praise the move. Jeff Booth, the author of the book ‘Price of Tomorrow‘, and a well-known entrepreneur, called the idea “smart” adding “your tourism increase alone is enough to pay for your holdings. Add the entrepreneurs moving there to build the future, and what it does to help the citizens of El Salvador and it seems like a pretty great bet.”
Another famous crypto investor and analyst, Lark Davis, remarked: “Some panic sell, others panic buy Bitcoin”, likely referring to the fact that El Salvador bought the core of its bitcoin (BTC) stash for approximately $50,000 apiece. From this perspective, continuing to fill up the BTC tank at this time is equal to an all-in bet.
Finally, Derek Ross, a former mobile technology developer, commented: “In a decade, we’ll tell tales of the legend of Nayib Bukele and El Salvador buying the #Bitcoin dip.” Indeed, this may well be history in the making for the crypto world, as some world leaders still have faith in the cryptocurrency and see the downwards trend in the price of BTC as rather being the perfect opportunity to buy more, than a disaster.
MicroStrategy Shows Confidence in BTC
Michael Sailor, the chief executive of MicroStrategy, announced that the company has once again bought the dip, adding another 480 BTC to its hoard at an approximate price of $10,000,000. MicroStrategy is seemingly the final boss in the crypto game now, as the company holds a massive stash of 129,699 bitcoins (BTC).
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817— Michael Saylor⚡️ (@saylor) June 29, 2022
Bitcoin’s (BTC) Price Nears $20,000
After its dramatic dip below $19,000, Bitcoin’s (BTC) price is slowly recovering, trading at $19,629.45 at the time of writing, according to CoinGecko. With the ‘Fear & Greed Index‘ for the crypto market still at 11, indicating ‘Extreme Fear’, it is likely that whales will be seen moving to fill their wallets with the leading crypto asset at its current discounted price.