El Salvador’s Crypto-Treasury Filled With 420 More BTC Tokens, Confirms President Bukele

SYNOPSIS

  • El Salvador is increasing its Bitcoin holdings.
  • A total of 420 new tokens have been purchased by the country.
  • The news was revealed on Twitter by President Nayib Bukele.

El Salvador, which became the first country in the world to legalise Bitcoin as a form of payment in September, continues to add to its crypto treasury.

Salvadorian President Nayib Bukele announced on Twitter that the country has purchased a new lot of 420 Bitcoins earlier this week.

El Salvador spent approximately $25 million (roughly Rs. 187 crore) on this acquisition, which was conducted at a time when Bitcoin values were rising.

Bitcoin is currently trading at $62,953 per token (approximately Rs. 47 lakh). Bukele used Twitter to inform his three million Twitter followers of the news.

El Salvador now has 1,120 Bitcoin tokens valued nearly $66 million thanks to this new batch (roughly Rs. 494 crore). In terms of Bitcoin adoption, the Central American country is on the rise.

With the country, for instance, a number of Bitcoin ATMs have been erected, allowing consumers to deal in the cryptocurrency or convert it to fiat currency.

Salvadorians are also starting to mine Bitcoins with volcanic geothermal energy in order to lessen the process’ carbon imprint.

Bukele has recently stated that additional US cash are being poured into the nation to be traded for Bitcoin.

Bukele’s tweet noted that 2.1 million El Salvador citizens are “actively utilising” the Chivo wallet, which was released just three months ago in June, indicating the success of legalising Bitcoin payments.

The Bitcoin purchases declared by Bukele have not yet been registered in any of El Salvador’s monetary policy agencies, according to the Salvadorian media.

From the day of the inception of bitcoin legal tender in El Salvador, it’s been 50 days now and counting.

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