There has been another purchase of Bitcoins by the country where Bitcoin’s use as a national currency is legalized by a Government-backed “legal tender”. The country has once again been fortunate enough to buy the dip. Now the total number of Bitcoins under the ownership of El Salvadoran Government have become 1,120, representing a market value of US$ 68 Million plus.
pBuying Bitcoins isn’t that easy as it looks. In fact a person would need to make sure that he has US$ 60,000+ in his pocket to buy one single Bitcoin. There is no cryptocurrency out there in the world which is as highly valued as Bitcoin. But those persons who had bought them for pennies must be laughing at others. In fact, 20% of the Bitcoin’s total supply is owned by persons who had bought them in the initial days of Bitcoin’s launch.
Yet, recently, Bitcoin has been named as an official currency by the El Salvadoran Government via a legal tender. At presently, there are two currencies in the country with the status of national fiats i.e. USD and Bitcoin. President of El Salvador, Nayib Bukele, is a great proponent of Bitcoin. He is amongst the believers who have posed faith in the future price prediction of Bitcoin. They believe that a day will come, which is not too far, when Bitcoin’s value would be first US$ 100,000 and then US$ 1,000,000. Their faiths are unshakable even when Bitcoin’s value was rapidly falling.
However, on 7th September, 2021, Bitcoin was given the status of “national fiat” in El Salvador. Since then the Government of Salvador has been buying Bitcoins. The Government’s strategy is to hold their Bitcoins tightly squeezed and do not sell them for small or average benefits. Instead, the Governments plans to wait for the expected time to come and then it will decide what to do with them.
When Bitcoin was given status in the country, Bitcoin’s value was about US$ 46,000. But before implementing the law, El Salvador had already purchased 400 Bitcoins. Thereafter, a slight decrease in Bitcoin’s value was witnessed on the same day when Bitcoin legal tender was introduced. Without wasting any time El Salvadoran Government bought the dip by adding 150 more Bitcoins. There was another dip that occurred on 20th September. Again, El Salvador didn’t miss the opportunity and added 150 additional Bitcoins to its holding. As of 25th October, 2021, El Salvadoran Government was holding a total of 700 Bitcoins until now.
A fresh purchase of Bitcoins has been made by the Government. This time 420 units of Bitcoins have been bought during a dip occurred after Bitcoin broke its ATH record of US$ 66,500+. The new purchase cost US$ 61,000 roughly against a single unit of Bitcoin. The disclosure of El Salvador’s latest Bitcoin purchase was made once again by the country’s President.