EI Salvador has bought 21 extra Bitcoins to commemorate “the last 21st day of the year 21 of the twenty-first century,” according to President Nayib Bukele. In total, the country has purchased 1,391 Bitcoins.
EI Salvador has bought 21 extra Bitcoins
President Nayib Bukele of El Salvador stated on Tuesday that his country has purchased additional Bitcoin. His announcement began with the following tweet: “El Salvador’s entire size is 21,000 km2. Coincidence? I don’t think so!” He followed up with a series of tweets that collectively read:
Today is the last 21st day of the year 21 of the 21st century. At 21:00 hours … We are buying 21 bitcoin for the occasion. I’m holding the purchase till 21:21:21.
Then he posted an image of a list of BTC buy transactions totaling about 21 bitcoins. “Got a receipt,” he wrote.
— Nayib Bukele 🇸🇻 (@nayibbukele) December 22, 2021
Since September, when Bitcoin became legal cash alongside the US dollar, El Salvador has been hoarding bitcoins. It has now purchased 1,391 bitcoins in total, including the most recent acquisition.
El Salvador purchased 400 bitcoins before the law went into force. After that, the country purchased 300 additional BTC. At the moment, President Bukele claimed that El Salvador now owned 700 Bitcoins.
The country purchased 420 additional BTC in October. The country purchased 100 additional bitcoins in November. The most recent significant buy was for 150 BTC in early December, bringing the total number of acquisitions to 1,370 BTC. The 21 BTC purchased on Tuesday brings the total acquisitions to 1,391 BTC.
Meanwhile, El Salvador has been warned by the International Monetary Fund (IMF) against introducing Bitcoin as legal cash. The warning came just one day after President Bukele declared his intention to establish a “Bitcoin City” powered by a volcano and financed with Bitcoin bonds.
El Salvador’s Bitcoin Agenda
El Salvador is re-establishing a new economic standard, centered on Bitcoin. The country’s adoption of Bitcoin as legal cash alongside the US Dollar has cleared the path for a thriving economy built on Bitcoin and its underlying technology.
El Salvador is building a Bitcoin mining farm against the advice of the International Monetary Fund (IMF) and the World Bank. As a result of developing geothermal energy, President Bukele claims that the process will be sustainable. Hence the country ignores any environmental warnings about mining BTC.
Aside from the aggressive mining strategy that has gathered steam, according to Bukele’s updates, the country is also developing plans for a Bitcoin City that will be run on the Bitcoin standard. The city is expected to be powered entirely by renewable energy, with BTC serving as the primary medium of commerce.
El Salvador’s Bitcoin holdings are already gaining traction and yielding profits, with some of the proceeds going toward the construction of 20 schools and the establishment of a $4 million veterinary hospital. El Salvador has developed a strong preference for purchasing Bitcoin to mark significant occasions and holidays.
What are your thoughts on El Salvador’s cryptocurrency purchases? Please share your thoughts in the comments box below.
If you find this article informative then do not forget to share it with your friends and family!
Also read: Elon Musk declared himself ”Pro DOGE”