Bitcoin purchase in El Salvador is a commonplace task. The president of El Salvador barely skipped any dip since bitcoin has become a legal tender. However, Nayib Bukele prefers virtual gold, bitcoin, over actual gold, as per reports.
El Salvador has gold worth $79 million, and the president recently tweeted if the country had invested the same amount in bitcoin, it would have been $250 million. El Salvador purchased freshly minted BTCs as a celebration of different occasions. You can visit the official trading platform to get some detailed information about cryptocurrency trading. Understand about the recent purchase of El Salvador of 21 BTCs here.
El Salvador and Bitcoin Corundum!
Despite experiencing scary price swings, bitcoin managed to entice El Salvador. Usually, El Salvador utilizes BTC for remittance as it saves a lot of money as transaction fees. El Salvador has been thinking of adopting this virtual coin as a national currency since 2020. Now the economic infrastructure of this country also revolves around BTC, and it is not entirely dependent upon the inflation rate and market value of the dollar.
Nayib Bukele polled the higher authorities to make bitcoin a legal tender. Almost 70% of the votes favoured making bitcoin a national currency. As a result, El Salvador has become a profound bitcoin hotspot, and in the upcoming few years, it will become the biggest bitcoin hub. The country has hundreds of BTC ATMs and a specialized cryptocurrency wallet.
Undeniably bitcoin is intensely fragile, but the country has made a lot of capital gains by buying the dips. Moreover, El Salvador sets an example for other countries to manage such volatile legal tender. Now other Latin American countries have also considered the adoption of BTC as an utterly legitimate tender.
El Salvador purchased 21 BTC!
As discussed above, El Salvador makes bitcoin purchases to celebrate the explicit occasion. For example, the recent purchase of 21 BTC was to celebrate the last ever 21st day of 2021 of the 21st century. The president of El Salvador related this purchase with a maximum 21 million supply and the size of El Salvador that is 21,000 kilometer2.
Bitcoin was trading at $48000 at the time of purchase!
The virtual coin was valued at $48000 at El Salvador’s purchase. Besides celebrating the 21st day of the 21st century with bitcoin purchases, the country also celebrated black Friday by purchasing several BTC. On black Friday, El Salvador purchased nearly 100 BTC.
El Salvador is a bag holder
El Salvador has now become a bag holder as the country comprises a significant number of BTCs. The total amount of BTCs El Salvador is holding right now is 1241 BTC after the recent purchase. In 2021 subsequently appointing BTC as a legal tender, the country has bought almost every dip.
El Salvador is facing criticism!
The country faced massive criticism at the first instance of adopting bitcoin as a legal tender. But El Salvador’s decision to make bitcoin a national currency seems to be going pretty well so far. Nayib Bukele has also confronted many allegations of making an unnecessary purchase of BTC with wealthy people’s taxes.
As per reports, a famous personality tweeted that Nayib should prohibit buying every bitcoin dip with rich people’s taxes as bitcoin is a digital currency. This dip will keep coming in the future. Although Nayib Bukele replied none to this tweet, not everyone understood what he was conveying. According to experts, Nayib Bukele indirectly conveyed that the country has no single bitcoin with the taxes paid by rich people.
Nayib Bukele Also shared the receipt!
Nayib Bukele, the current president of El Salvador, also shared the recipe of bitcoin’s recent purchase. The list included the purchase of 1 BTC, 0.0070071, 1 BTC, 5 BTC, 3 BTC, etc. El Salvador is envisaging bitcoin as a monetary system. The country has allowed foreign investors to invest in cryptocurrency mining plants using the geothermal energy reserve. El Salvador has a geothermal energy reserve that can make cryptocurrency mining very affordable and profitable. It has also paved their way to the first-ever bitcoin city.