El Salvador buys its cheapest 410 Bitcoins
President Nayib Bukele confirmed that the purchase of 410 BTC was made once morest US$15 million, placing the trading price at around $36.585 USD per bitcoin.
The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices are trading below $37,000 USD, a price last seen on July 26, 2021.
The new addition to El Salvador’s bitcoin reserve was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made once morest US$15 million, placing the price at around $36.585 USD per BTC.
El Salvador adopted BTC as a legal tender currency on September 7, 2021, as a means of overcoming catastrophic inflation amid weakening purchasing power in the country.
Fast forward to today, the country has strategically accumulated 1801 BTC over the past four months, especially when the market sees a momentary drop in price.
The latest purchase is currently the cheapest acquisition for El Salvador since the country adopted Bitcoin as legal tender.
With BTC trading just above the $36,000 mark and the resulting selloff, Bukele thinks “some guys are selling really cheap,” supporting his long-term view of mainstream Bitcoin adoption.
Bitcoin price chart (BTC/USD)
As evidenced by data from Cointelegraph Markets Pro and TradingView, Bitcoin saw a steady rise in price beginning in mid-July, resulting in an all-time high of nearly $69,000 in the first week of November. However, the following three months saw a sharp decline in market prices as investors redirected profits from Bitcoin into buying other tokens.
A new report from Crypto.com predicts that the global crypto market will welcome one billion users by the end of 2022, as more developing countries emulate El Salvador’s decision to adopt the BTC.
Crypto Owners Monthly Growth
As Cointelegraph reported, Crypto.com estimates that “if we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.”
The report concludes that a combination of developing nations following El Salvador and a “friendlier stance” toward the crypto industry means “nations can no longer afford to ignore the growing public push for crypto” .
Par Arijit Sarkar, Cointelegraph
Arijit Sarkar is an editor at Cointelegraph. With a Masters in Journalism and Mass Communication, he pursues his dream of making a positive difference in the media industry. He also enjoys cycling and writing poems.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.
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