El Salvador, the central American country that legalised Bitcoin last year, has been multiplying the number of Bitcoins in its treasury. After Bitcoin’s recent dip, El Salvador purchased a batch of 410 more tokens for $15 million (roughly Rs. 110 crore). The development comes after Bitcoin prices fell as low as $35,000 (roughly Rs. 25 lakh) from $42,270 (roughly Rs. 30 lakh) in recent days. President Nayib Bukele revealed more details about buying the dip on Twitter.
“Some guys are selling really cheap,” the 40-year-old Salvadoran President tweeted to his 3.4 million followers.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars :partying_face:
Some guys are selling really cheap :man-shrugging::skin-tone-2: https://t.co/vEUEzp5UdU
— Nayib Bukele :flag-sv: (@nayibbukele) January 21, 2022
The country might now have more than 1,500 Bitcoins in its reserve, exceeding $50 million (roughly Rs. 375 crore) in value.
Marking its lowest value so far in 2022, Bitcoin is currently trading at around $33,645 (roughly Rs. 25 lakh) as per CoinMarketCap.
The proposal of Russia’s central bank to ban crypto activities is largely being pegged as the main reason why the crypto market crashed last week.
The price charts are presently drenched in red, indicating losses for majority cryptocurrencies.
Bukele, however, seems unaffected by Bitcoin’s volatility and remains firm on his pro-Bitcoin approach going forward.
From establishing Bitcoin ATMs to creating a government-backed Bitcoin wallet called Chivo for Salvadorans, Bukele has been bringing initiatives focussed on expanding crypto acceptances and use cases in his country.
Meanwhile, in other parts of the world, discussions on regulating the crypto sector are still going on.
Bitcoin, along with other cryptocurrencies, lost a significant amount of value in the last three months owing to the negative adoption sentiment from several governments around the world.
According to CoinMarketCap data, Bitcoin’s current market cap of $665 billion (roughly Rs. 50,56,000 crore) is down from almost $1.3 trillion (roughly Rs. 1,00,00,000 crore) in November 2021.