Bitcoin’s prominence in EL Salvador.
The crypto currency which has successful been able to capitalize the market to an extent where, the market’s functioning process solely depends on it, is none other than Bitcoin. Even when, Bitcoin is trading at one of its lowest prices in the current market situation, still it is the highest valued crypto currency in the world trading at just over $20,000. Next to it in the race is Ethereum tokens which officially is trading under $5000.
El Salvador, a country from Central America, has always showed keen interest in Bitcoins. They have always worked in favor for bitcoin and also happens to be the first country in the entire world, to declare Bitcoin as the legal tender of the country. Even when the prices are dropping and plummeting to an extent, where the investors are fearing about Crypto Winter, El Salvador continues to surprise the world by investing more and more in Bitcoins.
El Salvador’s additional purchase.
El Salvador recently went on to purchase additional bitcoins. The country went on to purchase 80 additional bitcoins, according to a tweet from the president Nayib Bukele. He also added that, the total purchases of bitcoin is around 2,381, since EL Salvador went on to make bitcoin as the legal tender of the country.
El Salvador’s recent purchase of Bitcoin comes at the cheapest price as Bitcoin was trading at around $19,000. Bukele was ecstatic to announce about the news of additional purchase of bitcoins.
Nayib Bukele’s comments:
According to Nayib Bukele, Bitcoin is the future and is the commodity that will revolutionize the financial sector all around the world. He was also elated to purchase the additional bitcoins at a low price and tweeted saying, “Thank you for selling cheap.” The president went on to share that, each bitcoin was bought for around $19,000, with timestamps indicating the purchases occurred earlier this morning.
EL Salvador’s total bitcoin reserve.
Though, the nation’s current bitcoin balance hasn’t been verified via any other methods, El Salvador appears to have purchased at least 2,381 bitcoins thus far, according to the many purchase notifications Bukele has made so far on Twitter.
Alejandro Zelaya, El Salvador’s finance minister, stated in early June that although the country had previously sold some of its bitcoin to support the Chivo Pets animal hospital, it was still holding onto the coins it was now buying. Bukele stated in October of last year that the nation would not be selling any bitcoin for the initiative, noting that the funding for Chivo Pets will come from an excess in a government trust fund as a result of the increased value of bitcoin.