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El Salvador buys its cheapest 410 Bitcoin as prices reach $36k

El Salvador buys its cheapest 410 Bitcoin as prices reach $36k

The Central American country of El Salvor has ded 410 Bitcoin (BTC) to its central reserve as BTC prices tre below $37,000, a price last seen on July 26th, 2021. 

The fresh dition to El Salvor’s BTC reserve was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was me against $15 million, placing the price at approximately $36,585 per BTC.

Nope, I was wrong, didn’t miss it.

El Salvor just bought 410 #bitcoin for only 15 million dollars

Some guys are selling really cheap ‍♂️ https://t.co/vEUEzp5UdU

— Nayib Bukele (@nayibbukele) January 21, 2022

El Salvor opted BTC as a legal tender on Sept. 7, 2021, as a means to overcome catastrophic inflation amid the weakening spending power of the nation. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market sees a momentary price fall.

The latest purchase is currently the cheapest acquisition for El Salvor ever since the country opted BTC as a legal tender.

With BTC tring just above the $36,000 mark and the resultant sell-off, Bukele believes that “some guys are selling really cheap,” supporting his long-term vision of mainstream Bitcoin option.

Bitcoin price movement. Source: TringView.

As evidenced above by data from Cointelegraph Markets Pro and TringView, BTC experienced a stey rise in prices from mid-July, which resulted in an all-time high of almost $69k in the first week of November. However, the next three months saw a steep decline in market prices as investors redirected BTC profits into buying other tokens.

Related: Nations to opt Bitcoin, crypto users to reach 1B by 2023: Report

A new report from Crypto.com predicts that the global crypto market will host one billion users by the end of 2022 as more developing nations mimic El Salvor’s move to mainstream BTC option.

Monthly growth of crypto owners. Source: Crypto.com.

As Cointelegraph reported, Crypto.com estimates that “If we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.” The report concludes that a combination of developing nations following El Salvor and a “friendlier stance” towards the crypto industry means that “nations can no longer afford to ignore the growing push towards crypto by the public.”

META
ARTICLE: El Salvor buys its cheapest 410 Bitcoin as prices reach $36k
PUBLISHED: 2022-01-22 05:03:04 
SOURCE: https://cointelegraph.com/news/el-salvor-buys-its-cheapest-410-bitcoin-as-prices-reach-36k
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