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El Salvador buys 21 more Bitcoins: The country now owns 1141 BTC

El Salvador

TL;DR Breakdown

  • President Nayib Bukele bought 21 more Bitcoins.
  • The country’s treasury now has 1141 BTC. 
  • El Salvador is reaping great benefits recently from its BTC adoption. 

El Salvador keeps increasing its Bitcoin reserve by continuing to buy in the dip. The country’s President Nayib Bukele announced on Twitter today that his government will buy 21 BTC to commemorate the 21st day of the 21st year of the 21st century. He also bought the Bitcoins exactly at 21:00 hours (11:00 PM). 

The President also shared screenshots of the BTC buy order receipt on Twitter to confirm El Salvador’s purchase. With this latest purchase, El Salvador’s treasury now has a total of 1,141 BTC. As the world’s first country to recognize Bitcoin as a national currency, El Salvador will continue to increase its BTC reserves to achieve its vision of digitizing the country’s economy and fighting inflation. 

El Salvador

How’s El Salvador’s Bitcoin adoption going? 

Ever since El Salvador made Bitcoin its legal tender, international organizations have been closely monitoring the country’s progress. Many experts including Ethereums Vitalik Buterin has criticized the country’s decision. Even the IMF and the World Bank has issued multiple warnings to the government against the adoption of BTC as a legal tender. 

However, President Bukele has always defended his government’s actions and praised the decision as a positive step towards the country’s economic development. Bukele has always been a major advocate for cryptocurrency, especially BTC. To his credit, El Salvador is already benefiting from its Bitcoin adoption. 

The leading crypto in the market has allowed the country to develop several hospitals and schools. The country’s remittance structure has completely changed as Bitcoin ATMs are now used primarily to send and receive money from foreign countries. 

Bukele’s government has also launched the billion-dollar BTC volcano bonds, after being rejected a monetary loan by the IMF. His next plan is to build a sustainable Bitcoin city, which will be the centre of cryptocurrency trading and mining in the country. Previously Bukele revealed that the city will be powered by geothermal energy from the Conchagua volcano, located in the southeastern part of the country. 

If El Salvador’s economy continues to benefit from Bitcoin, other developing nations will surely be keeping an eye on the wider prospects of cryptocurrency adoption. BTC is currently trading at $49,214, during the time of writing. 

Mohammad Shahid

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

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