The Central American country, El Salvador has recently added another $15.5 Million worth of Bitcoin to its balance sheet. El Salvador Bitcoin is recent trending news with President Nayib Bukele’s announcement of adding 500 Bitcoin to government coffers. Looking for more details regarding El Salvador Bitcoin? This post has got all the information related to El Salvador Bitcoin.
El Salvador Bitcoin has been purchased by the country despite the largest cryptocurrency continuing to sell off. The country made cryptocurrency legal tender last year. Although the prices of Bitcoin are low by 50% since its peak last November, El Salvador President seems bullish about this. El Salvador Bitcoin is the largest volume of Bitcoin bought since the President made cryptocurrency legal tender in September.
Though the El Salvador President is bullish about El Salvador Bitcoin, most of the Salvadorans seem not to be so enthusiastic about this. Last year, the El Salvador President announced that it would be the first country worldwide to accept Bitcoin as legal tender alongside the US dollar. He has now announced to buy the Bitcoin dip in spite of the value of the coin continuing to tumble.
As per the tweet, the EI Salvador Bitcoin purchase was made at an average price of $30,744. Curious to get more information? Here is a post covering all the relevant information regarding El Salvador Bitcoin. So, let us start with the post and disclose more details related to El Salvador Bitcoin.
Details Related To El Salvador Bitcoin
On Monday, the El Salvaron President announced via Twitter purchasing Bitcoins. El Salvador Bitcoin purchase at an average price of $30,744 was made. He has recently unveiled his plans for Bitcoin City with almost no tax. The President still seems to be bullish about the coin despite the falling value of the cryptocurrency. When we can witness billions being lost in cryptocurrency trading every day, Bukele is picking more Bitcoin from the market.
The President announced on Twitter that a purchase of 500 coins was made at an average price of $30,744. He also posted a few pictures of the architect’s vision of Bitcoin City. Bitcoin was scaling its all-time high last November when Bukele revealed his plans for Bitcoin City. It would be powered by harvesting energy from the volcano and have just a value-added tax for running the municipal amenities and paying back the money raised for constructing it.
Though the President is bullish about the El Salvador Bitcoin purchase, many citizens seem to be not so enthusiastic about it. El Salvador earlier tried to encourage wider adoption of Bitcoin cryptocurrency by setting up a network of Bitcoin ATMs along with the launch of the Chivo e-wallet having a sign-up bonus of $30 in Bitcoin. It was also promised that Bitcoin would provide financial services for unbanked El Salvadorans, which is around 70% population. However, many Salvadorans have ditched the cryptocurrency almost eight months later.
The price of Bitcoin cryptocurrency is still declining. It is trading at $26, 996.67 after a fall of 14.11% in the last 24 hours at the time of writing. It is quite difficult to predict whether the prices of the Bitcoin crypto rises or continues to fall. Let’s wait and see if the prices continue to fall or if there will be a rise in the price of Bitcoin cryptocurrency.
Related: Why Wikipedia Stops Accepting Crypto | Reasons You Need To Know!
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