El Salvador buys its cheapest 410 Bitcoins
President Nayib Bukele confirmed that the purchase of 410 BTC was made against US$15 million, placing the trading price at around US$36,585 per bitcoin.
The Central American country of El Salvador added 410 Bitcoin (BTC) to its central reserve as BTC prices trade 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 against US$15 million, placing the price at around $36,585 USD per BTC.
El Salvador adopted BTC as legal tender on September 7, 2021, as a means to overcome catastrophic inflation amid weakening purchasing power in the country.
Fast-forward to today, the country has strategically hoarded 1,801 BTC over the past four months, especially as the market sees a momentary price drop.
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 sell-off, Bukele believes “some guys are selling real cheap,” supporting his long-term view of widespread Bitcoin adoption.
Bitcoin price chart (BTC/USD)
Source: Business View
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 drop in market prices as investors redirected Bitcoin gains to 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 BTC.
Monthly growth of cryptocurrency owners
As Cointelegraph reported, crypto.com estimates that “if we extrapolate a similar rate of increase in 2022, we are on track to hit 1 billion cryptocurrency users by the end of 2022.”
The report concludes that a combination of developing nations following El Salvador and a “friendlier stance” towards the crypto industry means that “nations can no longer afford to ignore the growing public push for crypto.”
By Arijit Sarkar, Cointelegraph
Arijit Sarkar is an editor at Cointelegraph. With a Masters in Journalism and Mass Communication, she pursues her dream of making a positive difference in the media industry. He also likes to ride a bike and write poems.
The views and opinions expressed herein 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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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation to buy or sell forex, CFD and cryptocurrency contracts. Although the information contained in this document has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no liability for direct, indirect, or consequential damages that may result from anyone’s reliance on such information. .
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