El Salvador president explains basics to buy bitcoin

Nayib Bukele explained how people failed to grab the opportunities during the market crash. 

El Salvador is the first and only country in the world, which is using bitcoin as legal tender. The country is continuously accumulating Bitcoin after every correction in the price of Bitcoin. Right now El Salvador is at a 31% loss with its total buy value. Because of losing the value of Bitcoins, people are criticizing the El Salvador president for this decision to buy Bitcoin. 

On 24 January, Nayib Bukele, president of El Salvador, tweeted his thoughts on how a bitcoin buyer can make a profit during the correction in the price. 

Nayib explained that a better time to buy Bitcoin is when it remains down. 

Drama queens…

— Nayib Bukele (@nayibbukele) January 24, 2022

El Salvador Bitcoin holding loss 

Right now El Salvador holds 10,81 Bitcoins in total. The average buy price of these holdings by El Salvador is $49,100. So right now the country is at a loss of around 31,8%. And the value of all Bitcoin holdings is currently $60.3 million. 

The majority of the critics are raising voices against El Salvador because of this recent correction and loss because of holding funds in Bitcoin. But here people are not looking at the decision of the El Salvador government. 

In the past, the El Salvador President said that the country will not sell Bitcoins, instead, the country will use the reserved US dollar to use for the development works.

These things are clearly showing that the country is in zero profit because the country will not sell this amount of Bitcoin in any case. 

Right now the country is working to collect funding through a $1 billion Bitcoin bond idea to fund the Bitcoin mining operations in El Salvador with the use of Volcano-based geothermal energy. This will surely result in a very big profit for the country.

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