{"id":51922,"date":"2021-10-28T14:31:59","date_gmt":"2021-10-28T11:31:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51922"},"modified":"2025-09-03T02:18:07","modified_gmt":"2025-09-02T23:18:07","slug":"el-salvadors-state-bitcoin-fund-buys-an-additional-420-btc","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/el-salvadors-state-bitcoin-fund-buys-an-additional-420-btc\/","title":{"rendered":"El Salvador&#8217;s state Bitcoin fund buys an additional 420 BTC"},"content":{"rendered":"<p>President Nayib Bukele said the government used a local dip in the exchange rate to bolster bitcoin reserves. The state fund bought an additional 420 BTC.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It was a long wait, but worth it.<\/p>\n<p>We just bought the dip!<\/p>\n<p>420 new <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\ud83c\uddf8\ud83c\uddfb<\/p>\n<p>\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1453461587948445697?ref_src=twsrc%5Etfw\">October 27, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bukele stressed that authorities have already realized some profit from the investments in the first cryptocurrency. Because the state bitcoin trust&#8217;s balance holds both bitcoins and US dollars, the rise in the price of digital gold creates a surplus that the fund&#8217;s managers could withdraw from the accounts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">How do we make a profit if 1 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a>= 1 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a>?<\/p>\n<p>We have a trust fund accounted in USD, but the trust is funded by both USD and BTC.<\/p>\n<p>When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total.<\/p>\n<p>\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1453483870867836931?ref_src=twsrc%5Etfw\">October 27, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in October, the president said that part of this profit the country <a href=\"https:\/\/u1f987.com\/en\/news\/el-salvador-to-channel-bitcoin-profits-into-building-a-veterinary-clinic\">uses for building a veterinary clinic<\/a>.<\/p>\n<p>With the new investment, the state fund&#8217;s balance stands at 1120 BTC (~$68.6 million at the time of writing). According to Disruptiva, the average purchase price, excluding the last tranche, was $50 218.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"es\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Con el precio del BTC de este d\u00eda a las 9:30 a.m.., si el pa\u00eds vendiera la inversi\u00f3n hecha en 700 bitcoins, se estar\u00edan perdiendo $2.5M en comparaci\u00f3n con el d\u00eda de ayer. Las ganancias totales ser\u00edan de $5.9M. <a href=\"https:\/\/t.co\/rPkKbPjInw\">pic.twitter.com\/rPkKbPjInw<\/a><\/p>\n<p>\u2014 Disruptiva (@Disruptiva2) <a href=\"https:\/\/twitter.com\/Disruptiva2\/status\/1453392602674434052?ref_src=twsrc%5Etfw\">October 27, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>One of the country&#8217;s largest newspapers El Diario de Hoy criticized the Bukele administration&#8217;s actions. The paper noted that authorities closed access to information related to Bitcoin operations for the wider public. The President of the Development Bank of El Salvador, Juan Pablo Dur\u00e1n, explained that the step was necessary to maintain banking secrecy.<\/p>\n<p>Earlier, Ethereum founder Vitalik Buterin <a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-calls-el-salvadors-bitcoin-legalization-foolhardy\">called the legalization of Bitcoin in El Salvador &#8216;reckless&#8217;<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Nayib Bukele said the government used a local dip in the exchange rate to increase bitcoin reserves. The state fund bought an additional 420 BTC.<\/p>\n","protected":false},"author":1,"featured_media":51923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1278],"class_list":["post-51922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-el-salvador"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=51922"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51922\/revisions"}],"predecessor-version":[{"id":51924,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51922\/revisions\/51924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/51923"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=51922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=51922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=51922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}