Justin Sun Spends $7M on Bitcoin to ‘Buy the Dip and Match’ El Salvador President
Justin Sun, the founder of crypto platform Tron, says he bought an additional 150 bitcoin as the market crashed on Dec. 4 “to match the CEO of El Salvador’s offer.”
“I just bought the dip,” the 31-year-old crypto tycoon announced on Twitter. According to Sun, the purchase was designed to “match” an earlier trade by El Salvador President Nayib Bukele.
Bukele, who calls himself the “chief executive officer of El Salvador”, on Saturday revealed that the Central American country acquired another 150 bitcoin (BTC) for about $7.3 million, or an average $48,700 per coin.
“We will buy every dip, forever,” El Salvador congressman William Soriano told BeInCrypto on Saturday. “This is our long-term Bitcoin strategy, to keep buying.”
‘Bought the dip’
Both Sun and Bukele took advantage of bitcoin’s massive 20% crash on the day to amass more coins. The price of BTC tanked to as low as $42,000 on Binance, amid concerns of a resurgence in the corona virus.
They “bought the dip,” said the duo separately, referring to a practice in financial investment of buying an asset after it drops in price, believing that to be a bargain. Bukele had to swear it out. “Missed the f***ing bottom by 7 minutes,” cursed the 40-year-old President.
But Sun, who is also CEO of BitTorrent, a file-sharing software company, did not buy enough BTC initially, – just 100 coins.
“You have to buy 50 bitcoin to match,” Bukele nudged him on. “It’s just a couple million dollars more. Come on!”
Moments later, Sun replied: “Done. Just bought 50 bitcoin.” In total, the Tron founder spent more than $7.1 million buying 150 BTC on the day, as the top cryptocurrency crashed to a new two-month low.
Bullish on bitcoin
Like Bukele, Sun remains upbeat about the future of bitcoin and has been stocking up on his holdings. In May, he bought 4,145 BTC for $152 million, after the price fell below $37,000.
He has also shown a huge liking for expensive art. Recently, he splashed $78.4 million on a 1947 piece by Swiss artist Alberto Giacommetti called Le Nez.
For El Salvador, bitcoin represents both the present and the future, at least under Bukele. According to official data, the country, which became the first to legalize bitcoin as an official currency, now holds 1,370 in BTC as a reserve asset.
At current prices, that bitcoin is worth more than $65 million. El Salvador is now looking to float a $1 billion bond backed by bitcoin, as part of plans to build a city that runs entirely on the digital asset.
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