El Salvador adds 420 bitcoins to its treasury

El Salvador adds 420 bitcoins to its treasury

Bitcoin has dropped below the $60k level for the first time in over a week, with investors taking vantage of the price dip.

El Salvor is one of the most progressive countries in terms of cryptocurrencies. The president has been an vocate of cryptocurrencies and took a bold step in making Bitcoin a legal tender in the country.

The Central American country holds bitcoins in its balance sheet. However, President Nayib Bukele hasn’t h enough, and he took full vantage of the recent dip in the leing cryptocurrency’s price.

President Nayib Bukele revealed that El Salvor h bought 420 bitcoins worth $25 million earlier this week. The coins were ded to the country’s treasury as he encouraged more people to buy the dip.

The president ded that they are alrey making a profit from the bitcoins they bought as the cryptocurrency’s price tops the $59k level after dropping below it a few days ago. Bitcoin is now tring above $60k again after going up by 2.7% over the past 24 hours.

El Salvor set the record as the first country in the world to make Bitcoin a legal tender. The bill, which was approved by the country’s legislature earlier this year, came into effect last month. Since then, the government has been putting everything in place to make it a smooth transition for the people, including the launch of the Chivo digital wallet.

The Bitcoin option in El Salvor has been growing since its launch a few weeks ago. However, the government has been offering incentives to promote the use of bitcoins in day-to-day activities. Furthermore, the government has also started mining Bitcoin in a bid to increase its revenue from the crypto space.

Bitcoin is now above the $60k level and could surge higher towards its all-time high at $67,200 over the coming days or weeks. If that happens, then El Salvor would make substantial profits from the bitcoins they ded to their treasury earlier this week.

ARTICLE: El Salvor ds 420 bitcoins to its treasury
PUBLISHED: 2021-10-28 09:36:45 
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