“El Salvador’s Bitcoin Losses Swell to 28% as Bukele Buys More”
May 11, 2022
“Bukele’s bought 2,301 Bitcoins for the government since making them legal tender back in September, based on his announcements on Twitter. That includes a purchase of 500 coins yesterday as their price plunged below $31,000, extending a wild six-month sell-off. Those tokens are worth $74 million today. That’s 28% less than the $103 million Bukele paid for them, according to calculations by Bloomberg.
Bukele has shown himself to be a true believer in crypto, winning attention and admirers from around the world in the process, and says he trades the nation’s stockpile of coins on his phone. The 40-year-old has said he will push ahead with plans to issue a $1 billion blockchain bond to fund the construction of Bitcoin City, an income and capital gains tax-free jurisdiction he hopes to create on the country’s coast…”
https://ca.finance.yahoo.com/news/el-salvador-bitcoin-losses-swell-133724007.html
It’s a long term investment and he is correct to buy more. Now is the time to buy while it is down not sell. I like the fact that so many people are downplaying cryptocurrency at the moment. That makes it cheaper to buy.