El Salvador's president Nayib Bukele, accompanied by US Ambassador to El Salvador Ronald Johnson (out of frame), speaks during a joint press conference at Rosales Hospital in San Salvador on May 26, 2020. - Bukele clarified on Tuesday that the country bought hydroxychloroquine for a little more than a half million dollars and not for 575 million dollars, as he previously said on a radio station. (Photo by Yuri CORTEZ / AFP) (Photo by YURI CORTEZ/AFP via Getty Images)
This morning, Bukele tweets: “Wait a long time, but it’s worth it. We just bought a bath! ”
“The Bitcoin we just bought is profitable,” said the President of El Salvador excitedly shortly after the first tweet.
In the time between the tweets, the value of Bitcoin the country bought increased by about 0.4%, or $ 100,000.
Many have speculated on the impact of El Salvador’s purchase of 420 bitcoins, with Reddit user EGarrett commenting:
“I’m starting to think he’s doing this on purpose. In fact, I just checked to see if he was born in 1981, which could explain this behavior. It’s nice to see millennials begin to inherit. ”
420 bitcoins worth about $ 24.6 million. This transaction brings the country’s total BTC to 1,120 BTC, valued at approximately $ 87.4 million for an estimated average purchase price of approximately $ 53,300.
El Salvador bought two lots of 200 BTC for the first time on September 6 of this year and got another lot of 150 BTC a day later. On September 19, El Salvador bought another 150 BTC, bringing the country’s total inventory to 700 BTC.
However, other observers expressed concern about the security of the country’s Bitcoin holdings.
Most prominently, the Twitter user dolomiteHEX responded to the President’s tweet with the question:
“Who has the private key? What happens if the country is attacked? ”
El Salvador’s central bank director Douglas Rodriguez told Bloomberg earlier this month that the nation continues to invest in the expectation that Bitcoin will soon lose its bad reputation as a speculative asset and become a payment system.
“We don’t see any risks. Bitcoin will become a payment system, a system that includes finance. ”
Bitcoin price recently fell to $ 58,252 after hitting an all-time high of $ 67,100 earlier this month. Despite the decline, the cryptocurrency is still up around 20% since September 7th.
Source: TradingView
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Annie
follow AZCoin News
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
This website uses cookies.