El Salvador’s president, Nayib Bukele, announced on the afternoon of this Monday, September 6, that his country has bought 200 bitcoins (BTC). The head of state revealed that this is the first of several acquisitions the nation will make, in the next few hours or days, to invest in the leading cryptocurrency on the market.
“El Salvador just bought your first 200 coins. Our brokers will buy many more as the #BitcoinDay #BTC deadline approaches, ”was the message the president shared via his Twitter account.
It is unclear what the mechanism used by the country to buy its bitcoins was, i.e. it is not known whether the country used exchange, over-the-counter (OTC) or other trading platforms. It was also not reported whether the investment was made by the Central Reserve Bank of El Salvador or whether it was an investment made directly by the presidency.
At the current price of BTC the the government would have paid out more than 10 million dollars for the 200 cryptocurrencies. According to CryptoNews’ price index, one bitcoin is currently trading at $ 51,900 per unit.
Bitcoin, legal tender
Bukele’s announcement comes a day before El Salvador formalizes the execution of the so-called Bitcoin law. Starting this Tuesday, September 7, the state will become the first in the world to recognize BTC as legal tender, along with the US dollar. His acceptance in commercial establishments will be mandatory , with some exceptions, and the dollar will be kept as a unit of account. Users and businesses will have the option to keep their BTC or convert them into dollars.
“Tomorrow, for the first time in history, all eyes in the world will be on El Salvador. Bitcoin did this. The FUD (fear, uncertainty and doubt) is coming. By tons. Stay focused, “Bukele commented a few minutes before revealing the cryptocurrency purchase.
According to Buy Bitcoin Worldwide records, El Salvador joins Bulgaria and Ukraine as countries that hold bitcoins. However, in the latter two cases it is a question of kidnappings by “criminal organizations”, in the case of Bulgaria, and of positions in BTC of its public officials, in the case of Ukraine.
El Salvador It caused a stir in the media three months ago when it announced it would adopt bitcoin as legal tender. The Legislative Assembly formally approved to express the Bitcoin Law to be enforced, which will go into effect tomorrow Tuesday, a fact that will be reported in detail by CriptoNoticias.
[ https://worldweeklynews.com/el-salvador-buys-its-first-200-bitcoins-and-announces-more-investments-in-btc/ https://d26toa8f6ahusa.cloudfront.net/wp-content/uploads/2021/07/30214746/a-quiet-place-part-2-bigs-16.pdf