The president of El Salvador announced the purchase of more bitcoin amid the bear market situation.
El Salvador is the first-ever country, which adopted bitcoin as a Currency in September 2021. Due to the influence of Bitcoin adoption in this country, other neighboring countries are also trying to introduce Bitcoin-friendly laws. Even the Central African Republic (CAR) followed a similar approach to El Salvador to adopt Bitcoin to use as legal tender.
On 1 July, Nayib Bukele, President of El Salvador, announced that the country purchased 80 more bitcoins at price $19,000. Nayib also stated ” thank you for selling Bitcoin at a cheap price” and also said that “Bitcoin is the future”.
Now with this latest purchase, El Salvador is holding 2,381 BTC, currently valued at around $46.1 million.
Changpeng Zhao, CEO of Binance exchange, responded and said that intelligent are those, who purchase bitcoin or Crypto in a bear market.
“In crypto, most OGs had to go through one bear cycle where people laughed at them. Those who bought/held in the bear market in 2018/2019 ($3,000) or 2014/2015 ($200) are fine today.”
In this way, Zhao appreciated the move of El Salvador and also Microstrategy CEO Micheal Saylor to purchase Bitcoin in the present situation.
On 1 July, the Fear & Greed index was 11 and at that time price of Bitcoin was $19,426. This index confirmed that crypto investors were under a very big panic situation because of bearish sentiment.
At the time of writing this article, the price of Bitcoin is $19,252 and at this price, Bitcoin is down by 5.81% over the last 24 hours of trade price.