Market Analysis Report (01 Jul 2022)

El Salvador has added an additional 80 bitcoins to its treasury at a price of $19,000 per coin, according to the country’s president Nayib Bukele, who on social media said “Bitcoin is the future.”

The Salvadoran president also shared images of what appears to be a list of purchases for 1 bitcoin each at the $19,000 price, with timestamps showing the trades are recent. The country last bought BTC back in late May, adding 500 BTC at an average price of $30,744.

Based on past purchase announcements, El Salvador has now bought at least 2,381 BTC. The country’s current bitcoin balance hasn’t been officially confirmed.

While the country has indicated it holds onto its bitcoin purchases, the country’s finance minister, Alejandro Zelaya, has in early June said the country previously sold part of its BTC to fund the Chive Pets pet hospital.