cryptovibes.com
President Nayib Bukele confirmed that the acquisition of 410 BTC was made against $15 million, placing the trading price at around $36,585 per BTC. The Central American nation of El Salvador has added 410 Bitcoin to its central reserve as the prices of Bitcoin trade below $37,000, a price that was last seen on July 26, 2021.
The new addition to El Salvador’s BTC reserve was announced by President Nayib Bukele, who confirmed that the acquisition of 410 BTC was made against $15 million, placing the price at nearly $36,585 per BTC.
El Salvador adopted Bitcoin as a legal tender on September 7, 2021, being a means to overcome catastrophic inflation amid the weakening spending power of the country. Fast forward to currently, the nation has strategically accumulated 1,801 BTC in the last four months, especially when the market experiences a momentary price fall.
The latest acquisition is now the cheapest purchase for El Salvador ever since the nation adopted BTC as a legal tender. With BTC trading below the $35,000 mark and the current sell-off continuing, Bukele is convinced that “some guys are selling cheap,” supporting his long-term vision of mainstream Bitcoin adoption.
As seen in the market charts from TradingView, Bitcoin experienced a continuous surge in prices from mid-July, which led to an all-time high of nearly $69,000 in the first week of November. Nonetheless, the next three months saw a speedy drop in market prices as the investors redirected their bitcoin profits into buying other tokens.
A new report published by Crypto.com projects that the global crypto market will host a billion users by the end of this year as more developing nations get ready to follow El Salvador’s lead to mainstream Bitcoin adoption.
Crypto.com estimates that:
“If we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.”
The report concluded that a combination of the developing nations following El Salvador and a ‘friendlier stance’ towards the crypto sector means that nations can no longer afford to ignore the growing push towards crypto by the public.”