• Justin Sun invests $7 million in Bitcoin to ‘Buy the Dip and Match.’ President of El Salvador

  • According to Justin Sun, the founder of cryptocurrency platform Tron, he purchased an additional 150 bitcoin as the market crashed on December 4 “to match the CEO of El Salvador’s offer.”

    “I just bought the dip,” the 31-year-old crypto tycoon tweeted. The purchase was made to “match” an earlier trade made by El Salvador President Nayib Bukele, according to the Sun.

    Bukele, who bills himself as the “chief executive officer of El Salvador,” revealed on Saturday that the Central American country had purchased another 150 bitcoin (BTC) for approximately $7.3 million, or $48,700 per coin.

    “We will buy every dip forever,” El Salvador congressman William Soriano said on Saturday to BeInCrypto. “This is our long-term Bitcoin strategy: we will continue to buy.”

    ‘I purchased the dip.’

    Sun and Bukele both took advantage of bitcoin’s massive 20% drop on the day to amass more coins. BTC fell to as low as $42,000 on Binance amid fears of a resurgence of the corona virus.

    They “bought the dip,” the duo said separately, referring to a financial investment practice of purchasing an asset after it has dropped in price, believing it to be a bargain. Bukele was forced to swear it out. “I missed the f***ing bottom by 7 minutes,” the 40-year-old President cursed.

    However, Sun, who is also the CEO of BitTorrent, a file-sharing software company, did not purchase enough BTC at first – only 100 coins.

    “You need to buy 50 bitcoin to match,” Bukele reminded him. “It’s only a few million dollars more.” “Let’s go!”

    “Done,” Sun replied a few moments later. “I just purchased 50 bitcoin.” The Tron founder spent more than $7.1 million on the day, buying 150 BTC as the top cryptocurrency fell to a new two-month low.

    Bitcoin is on the rise.

    Sun, like Bukele, is bullish on the future of bitcoin and has been increasing his holdings. In May, he paid $152 million for 4,145 BTC after the price fell below $37,000.

    He has also shown a strong preference for expensive art. He recently spent $78.4 million on Le Nez, a 1947 work by Swiss artist Alberto Giacommetti.

    Bitcoin, at least according to Bukele, represents both the present and the future in El Salvador. According to official data, the country, which was the first to legalize bitcoin as an official currency, now has 1,370 BTC in reserve assets.

    That bitcoin is now worth more than $65 million at current prices. El Salvador is now looking to issue a $1 billion bitcoin-backed bond as part of its plans to build a city entirely powered by the digital currency.

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