El Salvador Buys Another 420 Bitcoins As The Country Further Pushes Crypto Into Its Economy

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El Salvador Buys Another 420 Bitcoins As The Country Further Pushes Crypto Into Its Economy

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The Central American nation of El Salvador has stated that it has bought another 420 Bitcoins as the country moves further towards fully integrating the cryptocurrency into their economy.


The move was announced by The President of El Salvador, Nayib Bukele, in tweets, in which he said:


"It was a long wait, but worth it. We just bought the dip!... We're already making a profit off the #Bitcoin we just bought."



420 Bitcoins has a price of around $24.6 million USD, bringing the total amount owned by the nation to $87.4 million USD.


El Salvador earlier this year announced that it was making Bitcoin legal tender within the country, one of the first nations in the world to do so. Not only does the young president believe it will be a good investment, but El Salvadorian government officials believe that the adoption will save El Salvador billions each year by cutting out international transaction fees. Currently, hundreds of millions of US dollars are sent by El Salvadorians living in the United States to their families still residing in the country. However, banks take as much as 20% in transaction fees. If individuals are able to use Bitcoin, this cost can be avoided, leaving El Salvador richer.


In an even more unbelievable move, the president announced within the last few months that El Salvador was building huge Bitcoin mining operations utilising the power of volcanoes in the country. These geothermal power plants can run super-computers that harvest new Bitcoins. This is also a green solution to the Bitcoin problem, which requires huge energy and causes a huge environmental impact.


While many have praised the Bitcoin project, others both within and outside El Salvador don't believe that it will be widely adopted within the country. Reasons include the difficulty in Bitcoin facilitating small transactions and the huge price volatility in crypto, leading some to suggest that the adoption as a currency could even lead El Salvador to financial ruin.


[Based on reporting by: Coin Desk]



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Thinking Humanity: El Salvador Buys Another 420 Bitcoins As The Country Further Pushes Crypto Into Its Economy
El Salvador Buys Another 420 Bitcoins As The Country Further Pushes Crypto Into Its Economy
The Central American nation of El Salvador has stated that it has bought another 420 Bitcoins as the country moves further towards fully integrating t
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