Purchasing Bitcoin is becoming a popular method for El Salvador to commemorate special milestones or to experiment with noteworthy figures.
El Salvador’s government continues to commemorate major days by purchasing additional Bitcoin (BTC), with President Nayib Bukele announcing a new 21-BTC purchase on Tuesday.
El Salvador’s newest BTC investment, worth roughly $1,036,000 at the time of writing, is to mark the “final 21st day of the year 21 of the twenty-first century” and the scarcity of Bitcoin, since its supply is restricted to 21 million BTC, according to Bukele.
Bukele stated that the acquisition was done at 21:21:21 and that El Salvador’s land area is 21,000 square kilometres. “Got the receipt,” the president wrote beside a screenshot of the transactions, which totaled little over $1 million.
El Salvador’s total area is estimated to be roughly 21,041 square kilometres, which Bukele believes is no coincidence given that El Salvador was the first country in the world to embrace Bitcoin as legal cash.
According to CoinGecko statistics, BTC was trading just above $49,000 at the time of purchase.
El Salvador’s Bitcoin Buying Spree
After the government purchased its first 200 BTC in early September in conjunction with the adoption of Bitcoin as legal money on Sept. 7, buying Bitcoin has progressively become a means of commemorating various milestones and playing around with significant dates or figures in El Salvador.
El Salvador celebrated Black Friday on Nov. 26 by purchasing 100 bitcoins at a price of roughly $54,000 each bitcoin, totaling 1,220 bitcoins.
In October, shortly after Sam Bankman-FTX Fried’s crypto exchange collected $420 million from 69 investors, the Salvadoran government made a large 420-BTC buy. According to some industry insiders, both utilised the term “420” to allude to cannabis culture slang for marijuana.
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Image Credits: Reuters