The president of El Salvador announced the purchase of more bitcoin amid the bear market situation.
El Salvador is the first-ever country, which adopted bitcoin as a Currency in September 2021. Due to the influence of Bitcoin adoption in this country, other neighboring countries are also trying to introduce Bitcoin-friendly laws. Even the Central African Republic (CAR) followed a similar approach to El Salvador to adopt Bitcoin to use as legal tender.
On 1 July, Nayib Bukele, President of El Salvador, announced that the country purchased 80 more bitcoins at price $19,000. Nayib also stated ” thank you for selling Bitcoin at a cheap price” and also said that “Bitcoin is the future”.
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
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Thank you for selling cheap
pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
Now with this latest purchase, El Salvador is holding 2,381 BTC, currently valued at around $46.1 million.
Changpeng Zhao, CEO of Binance exchange, responded and said that intelligent are those, who purchase bitcoin or Crypto in a bear market.
Zhao stated:
“In crypto, most OGs had to go through one bear cycle where people laughed at them. Those who bought/held in the bear market in 2018/2019 ($3,000) or 2014/2015 ($200) are fine today.”
In this way, Zhao appreciated the move of El Salvador and also Microstrategy CEO Micheal Saylor to purchase Bitcoin in the present situation.
In crypto, most OGs had to go through one bear cycle where people laughed at them. Those who bought/held in the bear market in 2018/2019 ($3,000) or 2014/2015 ($200) are fine today. And @nayibbukele and @saylor will be fine.
Not financial advice. https://t.co/rxqm8mr6AD
— CZ
Binance (@cz_binance) July 1, 2022
On 1 July, the Fear & Greed index was 11 and at that time price of Bitcoin was $19,426. This index confirmed that crypto investors were under a very big panic situation because of bearish sentiment.
Price action
At the time of writing this article, the price of Bitcoin is $19,252 and at this price, Bitcoin is down by 5.81% over the last 24 hours of trade price.
Read also: Ripple’ partner Airwallex announces services launch in New Zealand
El Salvador purchased 80 Bitcoins
https://bitcoinik.com/el-salvador-purchased-80-bitcoins/feed/
https://bitcoinik.com/el-salvador-purchased-80-bitcoins/feed/
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