El Salvador’s President Nayib Bukele Reopens Buying Bitcoin

El Salvador’s President Nayib Bukele, one of the first countries to legalize Bitcoin, the largest cryptocurrency by market capitalization, is again upbeat about Bitcoin. He has decided to buy one bitcoin per day. In the last one week, the price of this cryptocurrency has increased by more than five percent.

“We are buying one bitcoin per day,” Bukele tweeted. After this, Justin Sun, the founder of another crypto token Tron, also informed about increasing investment in bitcoin in a similar way. The crypto market has gained momentum in the last one week. The price of bitcoin has increased to more than $ 16,530 and the value of the second largest cryptocurrency Ether has increased by almost 10 percent to about $ 1,200. El Salvador started buying bitcoin after it legalized it in September last year. Due to the bullish phase in the crypto market then this investor was looking good as the price of bitcoin was increasing.

However, since the second quarter of this year the crypto market started to decline, El Salvador has suffered huge losses on investment in bitcoin. El Salvador has 2,381 bitcoins with an average price of $43,357. El Salvador had spent about $103 million on the purchase of bitcoin and its value has come down to about $39 million.

Nearly three quarters of people who bought bitcoin over the past seven years have suffered losses. This information comes from a study by economists at the Bank of International Settlements of data on cryptocurrency investors from about 95 countries over the past seven years. It has been told in this study that about three quarters of people investing in bitcoin are estimated to be at a loss. During this period, the price of bitcoin rose from around $250 to a high of around $69,000 in November last year. The number of people buying and selling cryptocurrencies through the app increased from 1.19 lakh to nearly 3.25 crore during this period. It has been said in the study that retail investors were buying bitcoin when the price increased, while its big holders like whales were selling and earning profits.

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