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‘Thank you for selling cheap’: El Salvador’s Bitcoin-mad president adds 80 more coins at $19,000 each

July 1, 2022, 10:26 AM UTC
Salvadoran President Nayib Bukele delivers a speech during an address to the nation in San Salvador, El Salvador, on June 1, 2022.
Alex Pena—Anadolu Agency/Getty Images

El Salvador purchased 80 Bitcoin at $19,000 each, President Nayib Bukele said on Thursday.

“Bitcoin is the future. Thank you for selling cheap,” Bukele tweeted, and accompanied the text with screenshots of 40 purchases made on Thursday, which totaled $1.52 million.

El Salvador’s last Bitcoin purchase was in May, according to Bukele, when the Central American country acquired 500 coins for a total of $15.3 million, at a price of $30,744 each.

According to CoinDesk data based on Bukele’s announcements, El Salvador is 55.03% down on its Bitcoin bet. From September to date, the country has acquired 2301 coins for a total of $103.9 million, but its portfolio is currently worth $46.6 million.

In May, El Salvador Finance Minister Alejandro Zelaya said that the Bitcoin amount the country had at that time represented less than 0.5% of its annual budget, adding that the Bitcoin losses posed “extremely minimal” risk to the country’s fiscal position.

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