The Salvadoran president shared the news with his followers through his official Twitter account. Currently, the Bitcoin reserves surpass 1,500 BTC.
Nayib Bukele, president of El Salvador, once again surprised enthusiasts and critics of Bitcoin adoption in the country, as he once again took advantage of the decadence in prices to invest more money and add BTC to the reserves of the Central American nation.
This information got announced by Bukele, as he always does in a message published through his Twitter account yesterday, where he shared the news with his followers and reported on the purchase.
The president commented that his country bought 410 #bitcoin for just $15 million and assuring that some people are selling very cheap.
To share the announcement, the Salvadoran president took advantage of a comment published on January 14, anticipating the possibility that El Salvador would lose the opportunity to acquire Bitcoin that day and thus take advantage of what was supposed to be the lowest price point for that day.
El Salvador Acquires another 410 Bitcoins amid the Decay
With this new purchase of 410 BTC, the reserves of the Central American country already exceed 1,500 bitcoins, a figure that covers around USD 53.7 million at the current exchange rate.
It is worth noting that the first cryptocurrency has lost at least 35% of its price in the last 30 days; this loss goes amid the decay that affects the market of the first digital currencies in general.
This decay took effect due to fears associated with the economic outlook in the US. UU and the possible measures that the Federal Reserve (FED) will implement to deal with inflationary levels.
Bitcoin and El Salvador, a Controversial Issue
Since the government of El Salvador made public its intention to grant legal currency status to Bitcoin in 2021, digital currency has been at the center of the country’s political and economic controversy.
According to Bukele, adopting more Bitcoin comes hand in hand with the plans to find new alternatives for new financial technologies. A new series of services got created to set more adjustments in the traditional payment systems to support digital currency.
The plans reached their highest point when the Salvadoran president announced plans to build a whole new city based on Bitcoin called Bitcoin City within the next ten years. The construction of this city would get financed through the commercialization of bonds associated with the digital currency.
However, the criticism has not been long in coming, especially at a moment when the price of the digital currency has crumbled down below the threshold at which the local government has launched the respective purchases and announcements.
By: Jenson Nuñez
