El Salvador Buys 150 More Bitcoins Increasing The Nation's Holdings To 1,220 Coins


El Salvador Buys 150 More Bitcoins Increasing The Nation's Holdings To 1,220 Coins

The president of El Salvador, Nayib Bukele, has announced that the nation has purchased another 150 Bitcoins to add to their holdings of the famed cryptocurrency. The central American nation earlier this year became the first country to make Bitcoin legal tender and the continued investment appears to signal that the country is going all in on the move, which could have huge economic ramifications for El Salvador and the world at large.

Bukele made the announcement as Bitcoin's price has fallen 30% in recent months, claiming that as the price was low, it was the perfect time to increase holdings. El Salvador now holds 1,220 Bitcoins in total, worth around $60 million.

The president is banking on the nation using the currency more widely and the price of the cryptocurrency increasing over the years ahead.

The decision to move to Bitcoin was made by the young president for a number of reasons. Firstly, because the price of Bitcoin could very well increase over time and, secondly, because it cuts down transaction fees that harm the El Salvadorian economy. At the moment, millions of Salvadorians live and work in the United States and send money back to their families living in the country. This money transferred through banks often comes with a 20% transaction fee. The use of Bitcoin cuts out that transaction fee and could see El Salvador making millions of dollars more every year.

Few Salvadorians are yet to get Bitcoin wallets themselves, and the cryptocurrency is not particularly useful for making small purchases due to the time-lapse in transactions and the wild fluctuation in Bitcoin price, which some economists say could fundamentally undermine the economy of the nation. The International Monetary Fund (IMF) said on Monday that El Salvador should not be using Bitcoin and that such a move could lead to a financial crisis.

Bukele is currently overseeing a Bitcoin mining project to generate more of the coins through the use of El Salvador's volcanoe.s These can be used to produce the electricity that runs the supercomputers that eventually lead to new Bitcoins being harvested. Time will tell whether the move to Bitcoin is a success or failure.

[Based on reporting by: Reuters]

Ways to buy #Bitcoin and other #crypto like #Ethereum ( #ETH) , #Cardano ( #ADA) , #BNB and more: Join #Binance, the biggest exchange in the world, buy, earn and spend crypto with their Visa Debit Card: https://accounts.binance.com/en/register?ref=13380876

Join #CryptoCom , Use our referral link https://crypto.com/app/m524bfdwja to sign up for Crypto.com and we both get $25 USD 🙂 You can earn interest and use their Visa Debit Card.

Sign up with our referral link and earn up to 100 Euros in free #CHSB to kickstart your crypto portfolio with #SwissBorg with your first transfer of 50 Euros! You can also earn up to 20 % per year on your USD. https://join.swissborg.com/r/alkimoKOWX

Earn passive income on many cryptocurrencies!

Join #Nexo , a great app to earn passive income, and earn $10 https://nexo.io/ref/d5js2kmhbw

💥Every revolution needs a leader💥Use our referral link to join and start trading on #Bittrex https://bittrex.com/Account/Register...



Activism,1307,Art,791,BLM,22,Consciousness,1545,CoVid-19,154,Cures,227,Do it Yourself,112,Documentaries,72,Environment,1478,Fiction,2,Health,765,History,464,Human Intelligence,554,Inspirations,2,Inspiring Stories,4179,Justice,536,Mental Health,16,News,1411,Nutrition,218,Philosophy,309,Photography,1590,Quantum Physics,29,Quizzes & Tests,145,Quotes,113,Relationships,781,Science,1145,Self Improvement,838,Spirituality,248,Sustainability,246,Technology,477,Truth,755,
Thinking Humanity: El Salvador Buys 150 More Bitcoins Increasing The Nation's Holdings To 1,220 Coins
El Salvador Buys 150 More Bitcoins Increasing The Nation's Holdings To 1,220 Coins
The president of El Salvador Nayib Bukele has announced that the nation has purchased another 150 Bitcoins to add to their holdings of the famed crypt
Thinking Humanity
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy