El Salvador buys its cheapest BTC ever for $36,000 apiece and added another 410 BTC to its portfolio, as the president confirmed. In today’s Bitcoin latest news, we are taking a closer look at the latest investment.
The Central American country of El Salvador buys its cheapest BTC ever and added 410 of them in its central reserve as the price of the coin is trading below $36,000, to levels not seen since July 2021. The fresh addition to El Salvador’s BTC reserve was announced by president Nayib Bukele who confirmed that the purchase of 410 BTC was made against $15 million and placed the price at $36,585 per coin. El Salvador adopted BTC as a legal tender in 2021 as a means to avoid inflation and economic sanctions. The country now has accumulated 1801 BTC over the past four months when the entire market saw a price crash.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022
The latest purchase is now the cheapest acquisition for El Salvador since the country adopted BTC as a legal tender. With BTC trading above $36,000 and the resultant sell-off, BTC thinks that some guys are only selling cheap and supports his long-term vision for the mainstream BTC Adoption. As seen by the data and the charts, BTC experienced a rise in prices which resulted in an all-time high of $69,000 in the first week of November. However, the next three months saw a huge decline in market prices as teh investors redirected BTC profits into purchasing other tokens.
The latest reports from Crypto.com predict that the global market will host a billion users by the end of 2022 as more developing nations mimic El Salvador’s move to the mainstream BTC Adoption. Crypto.com predicted that if they extrapolate a similar rate of increase in 2022, they are on track to reach 1 billion users by the end of 2022. the report concluded that a combination of developing nations following El Salvador’s stance on crypto means that the nations can no longer afford to ignore the growing push towards crypto.
As recently reported, With the ongoing market slump, El Salvador loses $12 million on its bitcoin investmetns. The buying process and wallets are undisclosed so the exact amount is still unknown but the estimates put the loss at between $10 million and $12 million. El Salvador’s BTC experiment was hailed by some as pioneering and a leading way for other nations to start following.
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The losses outline the risks involved with crypto investing as well as the given quantities involved and the public manner where the country has gone about business.
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