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El Salvador buys BTC again - Bukele defends investment



El Salvador has done it again. The Latin American state bought another 150 BTC and paid an average price of 48,670 US dollars for it. With this, President Bukele sent a clear signal, because his nation relies entirely on Bitcoin. Only a few weeks ago the plans to build a "Bitcoin City" were announced and they want to finance it through a Bitcoin bond.

But the president's decision to turn his country into a place of pilgrimage for Bitcoiners is not well received by everyone. The US has already issued urgent warnings of possible money laundering, and the World Bank and the IMF have also struck a critical note. While the introduction of Bitcoin as one of two national currencies can be described as an experiment, the potential benefits should not be ignored.

It is not the first time that El Salvador has seized the opportunity to strike when prices have fallen. There is now a total of 1,270 BTC in the state treasury and it is to be expected that further purchases will also be made in the future.  

Bukele defends the decision

A prominent critic of Bitcoin and outspoken supporter of gold couldn't keep Bukele's decision in doubt. Peter Schiff has been speaking negatively about Bitcoin for years, although his recommended investments in gold and other precious metals could not do nearly as well as the mother of all cryptocurrencies.

Schiff predicted that there will be even more violent or more slumps in the near future and called the acquisitions a waste of taxpayers' money. Bukele compared the performance of the investment in BTC with the poorer performance of El Salvador's gold reserves. Accordingly, you were already in the plus with the Bitcoin purchase at the time of the exchange.

In fact, Bukele was unable to use the dip properly. The statesman says he does the actual trades on his smartphone and only just missed the bottom of the crash. The price fell to as low as $ 40,000 last weekend, depending on the trading platform. So the trade went anything but optimal. However, the country benefits from the average cost effect through regular acquisitions. This means that the sub-optimal timing of this individual purchase is not that important.

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