President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin
President Bukele El Salvador tweeted on July 1 that he bought another 80 Bitcoin (BTC) for $ 19,000 per token. When he signed off, he said, “Thank you for selling cheaply.”
The market downturn has renewed criticism for using public funds to pay for the “Bitcoin experiment.” Since the fiat law of Bitcoin was passed, BTC has lost 63% of its value and El Salvador has fallen by tens of millions of dollars.
In a recent interview with Professor Julio Seville of the University of Georgia, he said the experiment poses no threat of bankruptcy to El Salvador.
El Salvador bought 80 today #BTC For $ 19,000 each!#Bitcoin The future!
Thank you for selling cheaply 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayibbukele (@nayibbukele) July 1, 2022
El Salvador is down $ 60.8 million in Bitcoin losses
According to the website nayibtracker.com (This has not updated the latest purchases at the time of writing), El Salvador’s Bitcoin portfolio is 2,301 BTC, with a total cost of $ 105,635,283 and an average purchase price per token of $ 45,908.
At current prices, El Salvador was down $ 60,983,403 against its investment.
Considering the latest purchases, the average purchase price has dropped to $ 45,004 and the current loss is $ 60,834,550.
El Salvador is looking to renewable energy sources
Milena MallorgaThe US Ambassador to El Salvador tweeted on June 28 that the country is committed to a $ 200 million investment program in solar Bitcoin mining in municipalities. Chalatenango..
Quizáestase alaneversión privadajamá sregistradaen Nueva Concepcion, Chalatenango.
Se trata de la Planta fotovoltaica para minar #Bitcoin yaumentarlama trizenergética.
¡ nueva inversión de $ 200 Milliones enenergía renovable!
Anchor I, con capacidad instalada de 6MW pic.twitter.com/XS2XQ84jln
— Milena Mayorga (@MilenaMayorga) June 28, 2022
Journalists accordingly Ricardo Valencia If El Salvador is a net importer of energy, it has panned the move, saying that producing energy for BTC mining makes little sense.
” El salvador It imports energy and the small amount of energy it produces is donated to the circus. Priority. “
Meanwhile, plans to issue El Salvador’s volcanic bonds have been delayed. March, Minister of Finance Alejandro Seraya He said the current “market variant” is at a disadvantage to issuance. He hopes things will change after September.
“The market variations in May or June are a bit different. At the latest in September. It’s difficult to get into the international market after September,” he said.
Volcanic bonds refer to $ 1 billion in funding backed by Bitcoin mining using geothermal power from Conchagua volcano, located southeast of the country overlooking the Gulf of Fonseca.
