As the market fell on December 4, Justin Sun, the founder of crypto platform Tron, says he purchased an additional 150 bitcoin “to match the CEO of El Salvador’s offer.”
On Twitter, the 31-year-old crypto tycoon said, “I just purchased the dip.” The purchase was made to “equal” an earlier deal by El Salvador President Nayib Bukele, according to Sun.
Bukele, who describes himself as El Salvador’s “chief executive officer,” announced on Saturday that the Central American government has purchased another 150 bitcoin (BTC) for $7.3 million, or $48,700 each coin.
‘Purchased the dip’
Sun and Bukele both took advantage of bitcoin’s big 20% drop on the day to increase their holdings. On Binance, the price of BTC plummeted to as low as $42,000 over fears of a resurgence of the coronavirus.
They purchased the dip, as they put it, referring to a financial investment strategy of purchasing an asset after it has dropped in price, believing it to be a good deal. Bukele had no choice but to swear it off. The 40-year-old President cursed, “Missed the f***ing bottom by 7 minutes.”
Missed the f***ing bottom by 7 minutes 😂
— Nayib Bukele (@nayibbukele) December 4, 2021
However, Sun, who is also the CEO of BitTorrent, a file-sharing software startup, did not purchase enough BTC at first, only purchasing 100 coins.
Bukele prodded him on, “You have to acquire 50 bitcoin to match. It’ll just cost a few million dollars more. Come on!”
“Done,” Sun said a few moments later. “I just purchased 50 bitcoins.” As the leading cryptocurrency fell to a new two-month low, the Tron founder spent more than $7.1 million buying 150 BTC on the same day.
Optimistic about bitcoin
Sun, like Bukele, is optimistic about bitcoin’s future and has been increasing his holdings. After the price went below $37,000 in May, he purchased 4,145 BTC for $152 million.
He also showed a strong preference for costly paintings. He recently spent $78.4 million on Le Nez, a 1947 work by Swiss artist Alberto Giacommetti.
Image courtesy of Cointelegraph News/YouTube