The Commonwealth of Republic of el salvador has procured 150 Bitcoin (BTC) amongst the biggest bear market since Bitcoin attained an all-time high of well-nigh $68,000 back in the commencement calendar week of November.

Salvadoran president Nayib Bukele appear the purchase of 150 BTC as the market price momentarily slipped below $50,000, losing over 15% in market place value.

While Bukele'due south government was able to make the buy at $48,670 per coin, the comport market temporarily brought down the Bitcoin toll to almost $42,000 after falling over 37% from its all-time high.

BTC/USD market place price. Source: TradingView

Bukele also acknowledged missing out on purchasing Bitcoin at its bottom as he tweeted:

"Missed the f***ing bottom by 7 minutes."

With this buy, El Salvador'south Bitcoin reserve now amounts to 1,370 BTC, which is worth well-nigh $60.3 1000000 at the fourth dimension of writing. Previously, the president announced purchasing 420 Bitcoin on Oct. 28 during a temporary surly marketplace.

The Salvadoran authorities game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund diverse developmental projects while maintaining the overall value of the central reserve.

Related: El Salvador to inaugurate Bitcoin Metropolis backed past $1B BTC bonds

On Nov. 21, President Bukele announced the launch of Bitcoin City, an initiative funded initially by $one billion Bitcoin bonds. According to Bukele:

"In #BitcoinCity nosotros will have digital and technological educational activity. Geothermal free energy for the entire urban center and efficient and sustainable public ship."

The Bitcoin City projection also sees the involvement of prominent crypto companies including cryptocurrency commutation Bitfinex and Adam Back's Blockstream, which, co-ordinate to Bukele, "will before long be dwelling house to many local and foreign digital avails offerings developing new digital asset regulation for the country."