El Salvador’s crypto treasury is now 420 bitcoins richer, says President Nayib Bukele

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El Salvador, the first in the world to legalize Bitcoin as legal tender in September, continues to expand its crypto treasury. The country bought a new amount of 420 bitcoins earlier this week, Salvadoran President Nayib Bukele announced on Twitter. El Salvador spent around $ 25 million (roughly Rs 187 billion) on this purchase, which was made when Bitcoin prices skyrocketed. Bitcoin is currently trading at $ 62,953 (roughly Rs 47 lakh) per token.

Bukele used Twitter to share the news with his three million followers on the platform.

It was a long wait but it was worth it.

We just bought the dip!

420 new #Bitcoin ???????

– Nayib Bukele ????????? (@nayibbukele) October 27, 2021

With this new Bitcoin lot, El Salvador now holds 1,120 tokens worth around 66 million US dollars (approx. 494 billion rupees).

The Central American country is recovering from the introduction of Bitcoin.

For example, several Bitcoin ATMs have been installed in the country, allowing people to trade in the cryptocurrency or convert it to fiat.

Salvadorans are also starting to mine bitcoins using volcanic geothermal energy to reduce the carbon footprint of the process.

Bukele had also recently announced that more US dollars will be poured into it to be exchanged for bitcoin in the country.

As an indication of the success of the legalization of Bitcoin payments, Bukele’s tweet emphasized that it was “wild” that 2.1 million citizens of El Salvador are “actively using” the Chivo wallet, which was introduced only three months ago in June.

2.1 million Salvadorans ACTIVELY USE @chivowallet (no downloads).

Chivo is not a bank but in less than 3 weeks it now has more users than any other bank in El Salvador and is moving fast to have more users than ALL BANKS IN EL SALVADOR put together.

This is wild! #Bitcoin ?????????

– Nayib Bukele ????????? (@nayibbukele) September 25, 2021

In the past few days, however, none of Bukele’s announcements about Bitcoin purchases have been accompanied by further details, a report by CryptoReportage revealed.

The Salvadoran media also reported that the Bitcoin purchases announced by Bukele have not yet been registered by any of the institutions involved in El Salvador’s monetary policy.

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