El Salvador’s crypto-treasury is already worth 420 bitcoins, according to President Nayib Bukele.

El Salvador, which became the first country in the world to legalize Bitcoin as a form of payment in September, continues to add to its crypto treasury. Salvadorian President Nayib Bukele announced on Twitter that the nation has acquired a new batch of 420 Bitcoins earlier this week. El Salvador paid around $25 million (roughly Rs. 187 crores) on this acquisition, which was conducted at a time when Bitcoin values were rising. Bitcoin is now selling for $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 at nearly $66 million thanks to this fresh batch (roughly Rs. 494 crores).

In terms of Bitcoin acceptance, the Central American country is on the rise.
In the country, for example, several Bitcoin ATMs have been deployed, allowing consumers to deal in the cryptocurrency or convert it to money.

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 is being brought into the nation to be traded for Bitcoin.
Bukele’s tweet said that 2.1 million El Salvador people are “actively utilising” the Chivo wallet, which was released just three months ago in June, indicating the success of legalizing Bitcoin payments.

However, according to a report by CryptoReportage, none of Bukele’s subsequent comments regarding Bitcoin acquisitions have been accompanied by further specifics.

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.

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