El Salvador Buys The Bitcoin Dip Again And President Nayib Bukele Pulls An Elon Musk With Choice Of Number

President Nayib Bukele of El Salvador said Wednesday that his nation has bought the dip in Bitcoin BTC/USD, adding 420 coins to the treasury.

What Happened: The Salvadoran leader made the announcement on Twitter, adding the country was “making a profit” of the Bitcoin it just purchased.

Hahaha we’re already making a profit of the #bitcoin we just bought.

— Nayib Bukele (@nayibbukele) October 27, 2021

Bukele said that El Salvador has a trust fund accounted in U.S. dollars, which is funded by both BTC and dollars. When BTC revalues in comparison with the dollar, the country is able to withdraw some dollars and leave the trust with the “same total.”
See Also: How To Buy Bitcoin (BTC)

Why It Matters: In June, El Salvador became the first nation in the world to adopt Bitcoin as legal tender.

Last month, Bukele had purchased Bitcoin as well, adding 150 coins to El Salvador’s kitty. At the time, the nation’s total BTC holdings were 700 BTC. With Wednesday’s purchase, those have now gone up to 1,120 BTC.

BTC declined 3% to $58,854.79 over 24 hours. For the week, the apex cryptocurrency has fallen 11%. This means El Salvador’s entire BTC portfolio is now worth $65.92 million.

The latest purchase amount of 420 BTC is significant because it is a number associated with cannabis culture. Tesla Inc TSLA CEO Elon Musk is also known for tweeting memes containing references to 420 and 69, a number with sexual connotations. 

Read Next: Ethereum Co-Founder Opposes El Salvador Bitcoin Adoption Policy