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Cryptocurrency

El Salvador Buys Another 420 Bitcoin Following Market Crash

El Salvador Buys Another 420 Bitcoin Following Dip

  • Central American country El Salvador have announced the purchase of 420 Bitcoin to add to the state coffers
  • President Nayib Bukele announced the investment in the flagship cryptocurrency via Twitter on Wednesday
  • The latest acquisition of Bitcoin is worth $25 million and is their first acquisition since buying 150 BTC in September

The Salvadorian government has announced the purchase of an additional $25 million worth of Bitcoin.

Bitcoin

The purchase which equals 420 BTC was announced by President Nayib Bukele announced on social media on Wednesday.

This is another major investment in the flagship cryptocurrency by the country since making it a legal tender.

The Twitter post reads:

“It was a long wait, but worth it. We just bought the dip! 420 new bitcoin,”

Since reaching an all-time high of $67,000, Bitcoin has lost about 12% in value and is currently trading at $59,000.

El Salvador

El Salvador is the first country in the world to officiant declare BTC as an official means of exchange.

The president of the country argued that Bitcoin will reduce the cost of remittances from Salvadoran migrants living in other countries.

Read also: Germany to Auction Stolen 16 Bitcoin

The central American country is heavily reliant on money from citizens overseas, with around $6 billion sent home yearly.

Following the latest Bitcoin purchase, Salvador’s treasury holds 1,120 BTC worth $66 million, according to official data.

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