Against the background of the correction of the cryptocurrency market, the government of El Salvador acquired 410 BTC. According to President Nayib Bukele, the purchase cost the country $15 million.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022
The average purchase price was $36,585. Taking into account the last investment, there are 1,651 BTC ($59.1 million at the current exchange rate) on the balance sheet of the state fund of El Salvador.
Bitcoin skeptic Peter Schiff said that Bukele “wasted” money and urged him to stop buying cryptocurrency in a falling market.
That means you wasted over $36,500 per #Bitcoin. If you want to make bad bets on #Bitcoin do it with your own money. Why didn’t you include in your tweet how many bitcoins you HODL, and how much money you have already lost. I warned you not to buy the last dip. Don’t buy the next!
— Peter Schiff (@Peter Schiff) January 21, 2022
“This means you have wasted over $36,500 for every bitcoin. If you want to make bad bets on cryptocurrencies, bet with your own money. Why didn’t you state how much bitcoin you personally hold and how much money you’ve already lost? I warned you not to buy back the last drawdown. Don’t buy the next one,” he wrote.
In response, What Bitcoin Did podcast host Peter McCormack noted that since November 2013, Schiff has repeatedly advised people to stop buying bitcoin.
You also warned people not to buy #bitcoin on November 21st 2013 and many times since…https://t.co/cMTxOEt4gQ
— Peter McLasso ☠️ (@PeterMcCormack) January 21, 2022
On January 22, the quotes of the first cryptocurrency continued to fall on Friday, dropping below $36,000. Relative to the November maximum, the correction exceeded 48%. At the time of writing, the asset is trading near $35,800.
Bitcoin pulls the rest of the market with it – all assets from the top 10 by market capitalization remain in the red zone. Terra (-22.3%), Polkadot (-18.8%) and Solana (-18%) showed the worst dynamics. The price of Ethereum per day decreased by 12%, to $2508, according to CoinGecko.
Earlier, Bukele said that in 2022 the price of digital gold will rise to $100,000.
Recall that on September 7, 2021, a law recognizing bitcoin as an official means of payment along with the US dollar came into force in El Salvador.
In the same month, the country’s government purchased 700 BTC through a specially created fund.
In October, the authorities increased the reserves in the first cryptocurrency by another 420 BTC, and the following month they purchased an additional 100 BTC.
In December, El Salvador bought 21 BTC. According to President Bukele, the country invested in bitcoin to celebrate “the last 21 days of 21 years of the 21st century.”