El Salvador's President Nayib Bukele announced today that the nation has acquired an additional 80 $Bitcoin(BTC.CC)$ at an average price of $19,000 each.
What Happened: In a tweet on Thursday, Bukele shared screenshots of a series of incremental BTC purchases on June 30.
"Thank you for selling cheap," said Bukele.
The total amount of Bitcoin acquired in this latest round of purchasing was worth about $1.52 million.
Why It Matters: Thursday's buying spree marks the eleventh time El Salvador has purchased Bitcoin. The nation now holds 2,381 BTC, acquired at an average price of $43,000 per coin.
Earlier this year, when Bitcoin was trading above $38,000, Benzinga reported that El Salvador was down 20% on its cryptocurrency investment.
At the time, the nation held 1,801 BTC worth $68 million and had lost around $18 million worth of public funds with the market downturn. Today, El Salvador has lost a cumulative $57 million of public funds, according to estimates from market participants tracking its buys.
@tier10k
Bukele isn't the only Bitcoin bull that refuses to stop buying the asset as it loses more value. $MicroStrategy(MSTR.US)$CEO Michael Saylor announced that the company had acquired 480 BTC worth $10 million at an average price of $20,817 per coin on Thursday.
Price Action: Bitcoin is currently trading 70% below its all-time high of $69,044 seen in November. At press time, the leading digital asset was trading at $20,110.
