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El Salvador, the country that gave bitcoin legal tender alongside the US dollar, has bought more bitcoins. The Salvadoran government now holds 700 coins, according to President Nayib Bukele.
El Salvador buys the dip
El Salvador’s President Nayib Bukele announced Monday morning that his government had purchased an additional 150 bitcoins. The country’s bitcoin law came into effect on September 7, making cryptocurrency legal tender alongside the US dollar. He tweeted: “We just bought the dip. 150 new pieces! El Salvador now holds 700 coins.
“They can never beat you if you buy the dips… Presidential advice,” he wrote again.
The price of bitcoin was hovering around $ 45,000 when it made the announcement. It has since fallen to $ 43,326 at the time of writing, based on data from Bitcoin.com Markets.
El Salvador started buying bitcoin on September 6 before the bitcoin law went into effect. On September 7, Bukele announced that his country had purchased a total of 550 bitcoins.
According to cryptocurrency ATM tracking website Coinatmradar.com, El Salvador now has 205 crypto ATM locations, making it the country with the third highest number of crypto ATMs, behind the United States. and Canada. However, there are reports that the Salvadoran Court of Auditors is planning to investigate government bitcoin purchases and the construction of Chivo kiosks.
The launch of the government’s bitcoin wallet, the Chivo wallet, got off to a rocky start. However, on September 16, Bukele claimed that the Chivo app “is already working 100%”.
Bukele tweeted on Friday that 1.1 million Salvadorans were already using the Chivo wallet, adding that “we have yet to activate 65% of the phone models.” He nods:
It seems that we will be able to bank more people in 1 month than they have done with the nationalizations and privatizations of traditional banks in 40 years.
What do you think about the fact that El Salvador is buying more bitcoin? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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