The Latin American country, El-Salvador known for its Crypto enthusiasm on Monday, announced in a tweet through its President, Nayib Bukele that the country has purchased 500 Bitcoin at an average price of $30,744 each.
This is the largest purchase in a string of purchases made by El-Salvador. It is a known fact that El-Salvador has been purchasing BTC since the President made the cryptocurrency legal tender last September. The country now holds 2,301 Bitcoin, worth about $73 million at current prices. El Salvador last bought Bitcoin in January, when it bought 410 Bitcoin for an average price of $36,585, as stated by Bloomberg
El Salvador has made rooms for wider adoption of Bitcoin in the country by establishing a network of Bitcoin ATMs and launching an e-wallet called “Chivo” with a sign-up bonus of $30 in Bitcoin.
Bukele maintained that Bitcoin could help provide financial services to about 70% population of El Salvador’s unbanked. But most of its citizens are not as passionate about Bitcoin as their president.
Irrespective of the international deter on using Bitcoin, some countries are forging ahead with plans to officially embrace the cryptocurrency.
A report says, The Central African Republic announced that it would accept Bitcoin as an official currency in late April. Also, Panama’s legislature recently approved a law to allow the use of Bitcoin and several other cryptocurrencies as a means of payment, as well as launch a Chivo-like national e-wallet.
A report says, Bitcoin dropped below $30,000 on Monday before recovering to $32,270 at the time of publication, providing quick, but maybe temporary, gains to El Salvador’s new currency.
FEATURED IMAGE SOURCE: Coincu News
