The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices trade below $37,000, the price was last seen on July 26, 2021.
The fresh replenishment of the BTC reserve in El Salvador was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made for $15 million, placing a price of approximately $36,585 per BTC.
No, I made a mistake, I didn’t. El Salvador just bought 410 Bitcoins for just $15 million. Some guys sell very cheap
El Salvador adopted BTC as legal tender on September 7, 2021 as a means of coping with catastrophic inflation as the country’s purchasing power weakens. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market is experiencing a short-term price drop.
The latest purchase is currently the cheapest purchase for El Salvador since the country adopted BTC as legal tender.
With BTC trading just above the $36,000 mark and a sell-off as a result, Bukele believes that “some guys are selling really low”, supporting his long-term vision of Bitcoin mass adoption.
As evidenced by the data from Cointelegraph Markets Pro and TradingView above, BTC prices have risen steadily since mid-July, leading to an all-time high of nearly $69k in the first week of November. However, the following three months saw a sharp drop in market prices as investors redirected profits from BTC to buy other tokens.
Related: Countries To Adopt Bitcoin, Cryptocurrency Users To Hit 1 Billion 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 countries replicate El Salvador’s move to mainstream BTC adoption.
As reported by Cointelegraph, Crypto.com estimates that “if we extrapolate a similar growth rate in 2022, we could reach 1 billion cryptocurrency users by the end of 2022.” The report concludes that the combination of developing countries following El Salvador and a “more friendly stance” towards the cryptocurrency industry means that “countries can no longer afford to ignore the growing public desire for crypto.”
The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices trade below $37,000, the price was last seen on July 26, 2021.
The fresh replenishment of the BTC reserve in El Salvador was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made for $15 million, placing a price of approximately $36,585 per BTC.
No, I made a mistake, I didn’t. El Salvador just bought 410 Bitcoins for just $15 million. Some guys sell very cheap
El Salvador adopted BTC as legal tender on September 7, 2021 as a means of coping with catastrophic inflation as the country’s purchasing power weakens. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market is experiencing a short-term price drop.
The latest purchase is currently the cheapest purchase for El Salvador since the country adopted BTC as legal tender.
With BTC trading just above the $36,000 mark and a sell-off as a result, Bukele believes that “some guys are selling really low”, supporting his long-term vision of Bitcoin mass adoption.
As evidenced by the data from Cointelegraph Markets Pro and TradingView above, BTC prices have risen steadily since mid-July, leading to an all-time high of nearly $69k in the first week of November. However, the following three months saw a sharp drop in market prices as investors redirected profits from BTC to buy other tokens.
Related: Countries To Adopt Bitcoin, Cryptocurrency Users To Hit 1 Billion 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 countries replicate El Salvador’s move to mainstream BTC adoption.
As reported by Cointelegraph, Crypto.com estimates that “if we extrapolate a similar growth rate in 2022, we could reach 1 billion cryptocurrency users by the end of 2022.” The report concludes that the combination of developing countries following El Salvador and a “more friendly stance” towards the cryptocurrency industry means that “countries can no longer afford to ignore the growing public desire for crypto.”
