El Salvador buys 420 more Bitcoins

El Salvador President Nayib Bukele tweeted earlier today that his government took advantage of the recent Bitcoin price drop and added an...

El Salvador President Nayib Bukele tweeted earlier today that his government took advantage of the recent Bitcoin price drop and added another 420 BTC to the national reserve.

“It was a long wait, but it was worth it”, he said tweeted, “We just bought the dip!” “

A little after he tweeted: “We are already making a profit on #Bitcoin we just bought. During the time between tweets, the value of the country’s Bitcoin increased by around 0.4% or $ 100,000.

Many online viewers have speculated on the significance of El Salvador’s specific purchase of 420 Bitcoin, a popular slang term for marijuana consumption.

“Pretty! Blaze it!” Commented the Reddit user. they lie86, using another popular term in marijuana cultivation.

“I’m starting to believe he’s doing it on purpose,” the Reddit user speculated. EGarrett. “In fact, now that I verify that he was born in 1981, he probably is. It’s funny to see the results of millennials starting to inherit the world.

Four hundred and twenty Bitcoin is worth approximately $ 24.6 million. The purchase brings the country’s total Bitcoin amount to 1,120 BTC, which is roughly US $ 87.4 million. The country has an estimated average purchase price of just over $ 53,300.

El Salvador first bought two lots of 200 BTC September 6 of this year, snatching another batch of 150 BTC a day later, when it also became the first country in the world to make Bitcoin legal tender. September 19, El Salvador bought another 150 BTC, which brought the country’s total holdings to 700 BTC.

However, other observers were less positive about the recent purchase, expressing concerns about the safety of the country’s Bitcoin holdings.

Twitter user @dolomiteHEX responded to the President’s tweet asking, “Who owns their private keys?” The user also asked what would happen if the nation was hacked.

User @EnocWatcher shared those concerns, adding that Bitcoin purchased with taxpayer money should be stored in a publicly disclosed entity.

Read more: Latin America Expected To Benefit Most From Crypto, Uphold Executive Says

Central Bank of El Salvador chief Douglas Rodriguez told Bloomberg earlier this month that the Latin American country continues to invest in hopes that Bitcoin will soon lose its reputation as a speculative asset and would become a legitimate payment system.

“We don’t see any risk. Perhaps, risks on the rise ”, Rodriguez noted. Bitcoin will “become a payment system, a financial inclusion system”.

The price of Bitcoin recently took a downturn to $ 58,570 after hitting an all-time high of $ 66,976 earlier this month. Despite the drop, the cryptocurrency is still up around 20% since September 7.

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Newsrust - US Top News: El Salvador buys 420 more Bitcoins
El Salvador buys 420 more Bitcoins
Newsrust - US Top News
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