President of El Salvador Nayib Bukele must believe in Bitcoin or love to lose money.
Bukele, despite the huge losses he suffered from his strategy of investing in Bitcoin with public funds, announced last night that he had spent $1.5 million more to purchase 80 BTC at $19,000 each coin.
"El Salvador purchased today 80 BTC at $19,000 per," the Central American politician tweeted. "Bitcoin is the future, thanks to selling cheap," he added.
According to his tweets, before this announcement, Bukele had previously invested $104 million in 2,301 BTC to purchase them at an average price of $45,171.
Yesterday, El Salvador's Bitcoin stash had a value of $43,719,000. This was a loss of $60.2 million for the country.
Bukele's latest purchase would bring the average price per Bitcoin down to $44,219.
Bukele would need to see Bitcoin rise to $44,219 (more than 100%) to recoup his investment on behalf of his country.
Other long-term Bitcoin investors have also adopted the strategy of accumulating Bitcoin even after huge drops.
For example, MicroStrategy CEO Michael Saylor recently announced a $10 million Bitcoin purchase.
This will bring his company's total treasury up to 129.699 BTC, at an average price of $30,664. This amounts to approximately $1.3 billion in losses.
However, like Bukele, Saylor doesn't seem too concerned about Bitcoin's short-term fluctuations.
Bukele made a notable purchase that saw him double down on Bitcoin, despite losses. For the first time, the president shared details about the process of buying his country's BTC.
If the shared screenshots show that the account was used to purchase El Salvador's Bitcoins, the president uses a traditional, centralized exchange to trade and not an OTC desk (OTC), which would be a better choice more prominent trades.
This could mean that Bukele doesn't make market-price purchases but instead leaves open "limit" purchase orders. The order was not filled in this instance as Bitcoin's price reached exactly $19,000