Bukele BTFD harder than Saylor

Nayib Bukele, CEO of El Salvador, and one of the more public champions has been accumulating Bitcoin for his country.

July 1st, Bukele announced that he got some more Bitcoin at a price of $19'000:

El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!

Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022

Starting in September 2021, Bukele has bought 2381 BTC at a total cost of $103 million for an average price of $43'030.

These investments amount to a loss of $56 million at the current Bitcoin price of $19'489.

This results in a paper loss of 54,7% of his initial investment (Saylor is down 36,5%). Bitcoin itself fell 62% since Bukele started cost averaging into BTC.

Compared to Saylor, Bukele bought this dip with more conviction during the second quarter of 2022:

	% of funds deployed	% BTC stake acquired
Bukele	16,5	24,4
Saylor	0,3	0,4

In the comment section of my last Bukele update, in a discussion with @rtonline, it occured to me that Bukele might be running out of time to earn the fruits of his Bitcoin investment.

Presidents in El Salvador can only be elected for one term of five years, and aren't allowed to run consecutively. He assumed his role June 1st, 2019. There is only two years left for him to make an argument that he wasn't spending recklessly on silly internet memes.

The second interview on the "What Bitcoin Did" podcast with Peter McCormack:

Bitcoin in El Salvador - Part 2 with Nayib Bukele - 25.05.2022