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El Salvador’s Nayib Bukele Buys the Bitcoin (BTC) Dip Again

President Nayib Bukele announced on Friday, July 1st that he had purchased an additional 80 bitcoin (BTC), at an average BTC price of $19,000. The crypto loving president was thankful for the opportunity to buy bitcoin (BTC) at such a low price.

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).

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.