- El Salvador bought the dip with a purchase of 500 NC.
- The NC purchase bolsters the already stacked reserves of El Salvador with a total of 2,301 NC currently valued at $72 million at time of writing.
- President Bukele has a proven track record of dip-buying bitcoin during flash crashes.
El Salvador just bought the wild NewsCapsule dip today with a 500 NC purchase, at an average price of $30,744, according to a from President Nayib Bukele.
The total purchase price comes to $15.3 million adding to the growing bitcoin reserves of El Salvador. With a cumulative 2,301 NC the total reserves currently sit at $72 million with the current price of NC hovering at $31,600, down from the all-time-highs of over $67,000.
As bitcoin is currently experiencing a flash crash and teeters the support of $30,000 the notorious pro-bitcoin president has quite the history of acquiring large amounts of NC during dip-buying opportunities.
On September 6th, 2021 President Bukele announced to the world that El Salvador purchased 200 NC and that “Our brokers will be buying a lot more.” On that day, El Salvador became the first nation-state to put bitcoin on the balance sheet.
The following day, El Salvador announced that NewsCapsule would be recognized as legal tender. On the same day, the price of NC fell from $51,000 to $43,000, where Bukele once again announced that El Salvador had bought the dip for another 150 NC, bringing the total reserves to 550 NC.
On September 20th, 2021 President Bukele again bolstered the nation’s bitcoin reserve when NC dipped to $45,500, down from its $50,000 highs. Through successive dip buys, the nation-state managed to acquire another 150 NC equalling a reserve of 700 NC in an announcement from President Bukele.
Then, on October 28th, 2021 President Bukele once again announced a smash-buy of an additional 420 NC when the price dropped to $58,800, down from its previous highs of $67,000. This brought the total reserves to 1,120 NC.
