El Salvador Just Bought 500 Bitcoins its Largest Purchase Amid Crypto Crash

Source: Republic world

The Latin American country, El-Salvador known for its Crypto enthusiasm on Monday, announced in a tweet through its President, Nayib Bukele that the country has purchased 500 Bitcoin at an average price of $30,744 each.

This is the largest purchase in a string of purchases made by El-Salvador. It is a known fact that El-Salvador  has been purchasing BTC since the President made the cryptocurrency legal tender last September. The country now holds 2,301 Bitcoin, worth about $73 million at current prices. El Salvador last bought Bitcoin in January, when it bought 410 Bitcoin for an average price of $36,585, as stated by Bloomberg

Source: Nairametrics

El Salvador has made rooms for wider adoption of Bitcoin in the country by establishing a network of Bitcoin ATMs and launching an e-wallet called “Chivo” with a sign-up bonus of $30 in Bitcoin.

Bukele maintained that Bitcoin could help provide financial services to about 70% population of El Salvador’s unbanked. But most of its citizens are not as passionate about Bitcoin as their president.

Source: Yahoo media

Irrespective of the international deter on using Bitcoin, some countries are forging ahead with plans to officially embrace the cryptocurrency.

A report says, The Central African Republic announced  that it would accept Bitcoin as an official currency in late April. Also, Panama’s legislature recently approved a law to allow the use of Bitcoin and several other cryptocurrencies as a means of payment, as well as launch a Chivo-like national e-wallet.

Source: Paymentjournal

A report says, Bitcoin dropped below $30,000 on Monday before recovering to $32,270 at the time of publication, providing quick, but maybe temporary, gains to El Salvador’s new currency.



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