El Salvador and the “buy the dip” for 500 Bitcoin under $30K

The President of El Salvador, Nayib Bukele, announced that the country bought 500 Bitcoin at a price of $30,744 each, executing the famous “buy the dip”. It is unfortunate that the attitude of the citizens seems to be not so optimistic.

El Salvador and the largest “buy the dip” of Bitcoin announced by the President

On Monday, Nayib Bukele, President of El Salvador announced that the country has purchased 500 Bitcoin at a price of $30,744 each, executing the famous “buy the dip”. 

Yesterday, Bukele pointed out that thanks to that move, if he decided to sell BTC, he could have a gain of almost $1 million in 11 hours. 

I could sell this coins right now and make almost a million dollars in just 11 hours, but of course not 🥰 https://t.co/BrZx3dwA5q

— Nayib Bukele (@nayibbukele) May 10, 2022

“I could sell this coins right now and make almost a million dollars in just 11 hours, but of course not”.

“El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744”.

Reportedly, this is the largest volume of Bitcoin purchased by El Salvador, at least since BTC became the country’s legal tender last September 2021. And in fact, the last substantial purchase of 410 BTC was made in January, when the price was $36,585. 

El Salvador now holds 2,301 Bitcoin, worth about $73 million at current prices. 

El Salvadorans not very optimistic about the “buy the dip”

While Bukele expresses happiness over his financial moves in crypto, El Salvadoran citizens, on the other hand, don’t seem to want to follow his optimism. On the contrary, under the tweet there are many who have shared the “Nayib Tracker”, adding several comments. 

Off course not! You're still in red by far, but I don't a hater, so luck look with that pic.twitter.com/8rWTFnIsPf

— Señor x (@Unavelaalavez) May 10, 2022

“Off course not! You’re still in red by far, but I don’t a hater, so luck look with that”.

Another tweet reads as follows:

“When you are a politician, but you forget that in finance there is nowhere to sell smoke. Numbers not words. Far from making profit (by far)”.

Chivo and BTC don’t take off

According to a National Bureau of Economic Research (NBER) survey released last month, it appears that only 20% of Salvadorans are still using the Chivo e-wallet. Not only that, it appears that these active users are not using the country’s crypto-wallet for BTC, but to exchange and store dollars. 

This is just one example of how Bitcoin in El Salvador seems not to be taking off. After the initial boom due to the news and the $30 in BTC distributed for free by the government, there seems to be no development in this regard after that.

And in fact, daily BTC transactions in El Salvador are still low and concentrated in the educated, young and those already using traditional banking services. The “unbanked” citizens apparently still use cash.