- El Salvador’s president has revealed that he trades Bitcoin on behalf of the country through his mobile phone.
- The country has adopted the strategy of buying the dip and has steadily increased its Bitcoin holdings.
- El Salvador’s president has been accused of being a dictator with the method employed to stimulate Bitcoin adoption.
President Bukele, the self-styled CEO of El Salvador has revealed he makes the calls for the country’s Bitcoin purchases. El Salvador has bought over 1,000 Bitcoins since it adopted the cryptocurrency as legal tender.
Bukele Trades With Mobile Phone
President Nayib Bukele has taken to Twitter to reveal that he trades El Salvador’s Bitcoin through his mobile phone in what appears to be a humorous take. His comments came after a tweet about missing the bottom in Bitcoin’s price after the country’s latest Bitcoin purchase of 150 Bitcoins.
“Missed the f***ing bottom by 7 minutes,” Bukele tweeted as Bitcoin’s price began to rise after he announced the country had bought the crypto at the average price of $48,670.
“Do you think he just trades for the country on his laptop?” asked Khun-sensei following his tweets. The Salvadoran President quickly cleared the air that he does not use a laptop for trading, rather, he relies on his mobile phone for trades. His comments have been interpreted as being merely humorous but others have criticized Bukele for autocratic tendencies.
Bitcoin maximalist Anthony Pompliano humorously asked whether President Bukele used a flip phone or smartphone to carry out BTC trades. Others have referred to Bukele’s decision to trade Bitcoin from his mobile phone as rash and autocratic.
“Men it would be so great that this guy traded his own money… but no he traded with the country treasure for real WTF? No one sees the issue here? If he has this kind of control, guess what he actually is,” commented one disgruntled Twitter user.
The Successful Trader
President Bukele shot to fame within cryptocurrency circles after spearheading his country’s embrace of Bitcoin as legal tender. To facilitate the smooth transition, the legislature approved the creation of a Bitcoin fund and since then, Bukele has adopted the strategy of buying the dip that has netted the country a healthy profit.
“There’s a lot more dips coming. How much taxpayer money do you intend to waste?” asked Peter Schiff, a well-known Bitcoin critic.
“None. We’re already green from our last purchase, in less than 24 hours,” replied President Bukele. “You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we sold it a year ago and bought Bitcoin, it would now be valued at $204 million.”
Bukele announced the building of a world-class veterinary hospital and 20 new schools with the profits realized from Bitcoin trades.