Yesterday, Bitcoin lost $20K again, trading again at $18,600. Taking advantage of these prices, El Salvador and MicroStrategy bought more Bitcoin (BTC).
Nayib Bukele, the president of the country, announced that they bought 80 BTC at $19K. At the same time, MicroStrategy CEO Michael Saylor informed the community that they had bought 480 Bitcoin at an average of $20,800. This company now has the most Bitcoin in the world.
As Bitcoin falls, El Salvador and MicroStrategy continue to buy
El Salvador and MicroStrategy continue to accumulate as Bitcoin, the world’s largest cryptocurrency, fell back from $21K to $18626 in just a few hours. This was an opportunity for both El Salvador and MicroStrategy to buy Bitcoin at cheaper prices.
Let’s not forget that El Salvador was the first country in the world to make Bitcoin legal tender. Today, the country is not only visited by regular tourists, but has also become a host nation for Bitcoin events and tourists who want to experience what it is like to be in a country with Bitcoin as legal tender.
On the side of MicroStrategy, one of the largest software and business intelligence companies, it is the largest holder of Bitcoin. They have almost 130K BTC and could continue to increase their holdings in the future. Bitcoin at such low prices represents an opportunity for investors who missed out on the latest bull run and who want a chance to enter the market.
Bitcoin price (BTC)
At the time of this publication, Bitcoin is trading at around $19665 and has a market capitalization of $371 billion. It should be remembered that BTC went from $69K to below $17650 a few weeks ago, showing that Bitcoin experienced a price correction of over 70% in just a few months.
Let’s not forget that Bitcoin tends to experience different cycles. During bull markets, the price of the virtual currency rises at a very fast rate. Instead, when Bitcoin enters a downtrend, it takes several months for it to bottom out.
Another thing worth noting about Bitcoin cycles is that altcoins tend to follow Bitcoin. That means that if Bitcoin falls, other cryptocurrencies follow the trend and fall even faster in most cases. It is always important to have a diversified portfolio to help investors reduce their risks, but in bear markets, almost none are spared from sharp declines.
With El Salvador and MicroStrategy buying Bitcoin at these prices, it is possible to see that there is clear interest in Bitcoin and what could happen to it in the coming years. The coin could continue to expand and move higher or deepen its downtrend.
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