El Salvador bought its first bitcoin with more investments in crypto announced. The operation with the cryptocurrencies was carried out through the Mexican exchange Bitso. The government would have invested more than US$20 million.
The president of El Salvador, Nayib Bukele, announced during the afternoon and night of this Monday, September 6 that his country bought 400 bitcoins (BTC). The head of State revealed that it is the first of several acquisitions that the nation will make to invest in the leading cryptocurrency on the market in the next few hours or days.
«El Salvador has just bought its first 200 coins. Our brokers will buy many more as the #BitcoinDay #BTC deadline approaches, “was the message that the president shared through his Twitter account.
Hours after revealing the first purchase of 200 BTC, Bukele reported that his country had added another 200 bitcoins to its accounting. The second purchase also made it known with another message on the popular social network.
Although the president did not reveal the method used for the acquisitions, the Mexican exchange Bitso publicly thanked Bukele for the purchase made. The exchange house shared on Twitter:
“Thank you for your purchase, Mr. President!” It was not reported whether the investment was made by the Central Reserve Bank of El Salvador or was executed directly from the presidency.
At the current price of BTC, the government would have disbursed more than 20 million dollars for the 400 cryptocurrencies.
According to the CryptoNews price index, one bitcoin is currently trading at US$51,900 per unit.
El Salvador bought Bitcoin, and made it legal tender
Bukele’s announcement comes a day before El Salvador formalizes the execution of the so-called Bitcoin Law.
As of this Tuesday, September 7, the State will become the first in the world to recognize BTC as legal tender, along with the United States dollar.
Its acceptance in commercial establishments will be mandatory, with some exceptions, and the dollar will be kept as the unit of account.
Users and businesses will have the option of keeping their BTC or converting it to dollars.
“Tomorrow, for the first time in history, all eyes in the world will be on El Salvador. Bitcoin did this. The FUD (fear, uncertainty, and doubt) is coming in. Tons of it.
Stay focused,” Bukele commented minutes before revealing the purchase of cryptocurrencies.
According to Buy Bitcoin Worldwide records, El Salvador joins Bulgaria and Ukraine as the bitcoin holding countries.
However, these last two cases are about seizures from “criminal organizations,” in the case of Bulgaria, and positions in BTC of its public officials, regarding Ukraine.
El Salvador generated a media stir three months ago when it announced adopting bitcoin as legal tender.
The Legislature approved so express the Bitcoin Act to execute, which takes effect yesterday, 07-09-2021.