President Nayib Bukele announced the operation, with which the country exceeds a holding of USD 32 million in Bitcoin. In addition, the Salvadoran head of state remarked that there was a high demand for the Chivo wallet app.
The President of El Salvador, Nayib Bukele, recently announced that the government bought another 150 bitcoins (BTC). The state’s treasure already has 700 units of the cryptocurrency, two weeks after the Bitcoin Law came into force.
In addition to announcing the new acquisition of Bitcoin by the government, Bukele highlighted that they bought the dip. The Salvadoran head of state advised buying into market declines to avoid suffering defeats.
The transaction announced by the Salvadoran State is equivalent to around USD 6,590,000 at this time. Adding the other 550 bitcoins that the country already owned, the total amount equates to about USD 30,755,900.
The Central American government bought its first 400 bitcoins the day before the Bitcoin Law went into force. On September 7th, they acquired another 150 bitcoins, with which they completed 550 BTC. The announcement came after Bitcoin dropped sharply by more than 14%. That brought the value of the cryptocurrency below USD 45,000 after it had exceeded USD 52,000 for the first time in 4 months.
According to CoinGecko, the price of Bitcoin suffered a drop of 8.3% in the last 24 hours. The value of the cryptocurrency had exceeded USD 47,700 but then declined to USD 43,854.
President Bukele Highlighted the High Demand for the Chivo Wallet App
The Bitcoin Law came into force on September 7th in the Central American country. In that way, Satoshi Nakamoto’s cryptocurrency became legal tender along with the US dollar in El Salvador.
President Bukele had announced that citizens could download the Chivo wallet to store, send, and receive Bitcoin. However, during its first hours of operation, that app had some operational problems that the government solved on the fly. The head of state highlighted the high demand for the app by Salvadorans.
The president spoke about the operation of cryptocurrency ATMs one week after the Bitcoin Law entered into force. He noted that the 200 devices that the government installed in El Salvador were working perfectly. In addition, he said that the 51 Chivo support centers are still operational, for which users can receive information on the use of the crypto asset.
The president stated El Salvador never had digitization projects as massive as the one around Bitcoin. He emphasized that the country had never had a national digitization project. Bukele added that the number of new users of those new technologies is twice the number of participants in the anti-Bitcoin march.
The governments of the world are increasingly aware of the relevance of Bitcoin in the economy. El Salvador’s decision to adopt the pioneering cryptocurrency as legal tender will serve as an example for other nations. It is only a matter of time before Bitcoin reaches all the people of the world.
By Alexander Salazar