San Salvador: The government of Salvador acquired 420 more bitcoins on Wednesday, President Nayib Bukele announced on social media, as the Central American doubled down on its spectacular cryptocurrency experiment.
The latest purchase of bitcoin, about $25 million at current prices, marks the first government acquisition of the cryptocurrency since September 20, when Bukele said he had bought 150 bitcoins.
“It was a long wait, but well worth it. We just bought the dip! 420 new bitcoins,” Bukele wrote in an English post on Twitter.
The cryptocurrency is currently trading above $59,000 per bitcoin.
Earlier last month, El Salvador became the first country in the world to adopt bitcoin as legal tender alongside the US dollar, which Bukele argued would reduce the cost of remittances from Salvadoran immigrants living abroad. will decrease.
Traditional banks and other financial institutions usually charge hefty fees to process money transfers.
Altogether, there are 1,120 bitcoins in the El Salvador treasury, valued at around $66 million, according to official figures.
The poor country’s economy is dependent on about $6 billion sent home each year, or about a quarter of GDP, with about one-fifth of households reliant on cash investments.
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