El Salvador is back in news with another considerable Bitcoin purchase. The pro-crypto president Nayib Bukele announced on Twitter that the country’s treasury had purchased 21 more Bitcoin on December 21 to commemorate the interesting date. El Salvador remains the only sovereign country in the world to declare Bitcoin as legal tender and has ramped up purchase of the cryptocurrency ever since. The country also launched its native crypto wallet called Chivo.
The tiny Central American country unveiled the 21 BTC purchase ($1.05 million) yesterday to commemorate an interesting day.
According to President Nayib Bukele on Twitter:
And today is the last 21st day of the year 21 of the 21st century https://t.co/9BitXCyDVs
— Nayib Bukele (@nayibbukele) December 22, 2021
The country now has a growing supply of Bitcoin which it wished to hold on to as a reserve currency. President Bukele is probably looking out into the future and is banking on the success of the digital currency revolution to become more and more relevant in the near future. As El Salvador has taken the lead on the matter, it will surely have a first movers advantage in the near future if it can mature into a real pro-Bitcoin nation and not just as a government gimmick. The government recently purchased 100 BTC just last month as well.
Bitcoin is facing a tough last month of the calendar year as bears have become active at the very end, spoiling a climax of the current bull run. The top digital currency is currently hovering around $49k at press time and is showing no signs of a recovery back to its recently set new all time high of $69k just last month. However, the fall in BTC’s price index has led to buyers becoming much more confident in the market. As a result, buying activity has increased considerably and private entities are snapping up deals like it was a discount. Some public players are also now actively involved in buying including El Salvador itself that has racked up an impressive amount already.
However, the country is still facing problems in crypto adoption. While top outlets have started accepting the digital currency as payment, most of the populace is still struggling to come to terms to it. There is a considerable need to educate and train citizens on how to use the digital currency and the national wallet called Chivo. Chivo itself faced some issues earlier on but according to the government, most have been resolved right after they surfaced.
Image Source: pixabay.com
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