El Salvador continues to accumulate Bitcoin while the price is heading towards $ 50,000

President Nayib Bukele has notification about the El Salvador government buying an additional 21 BTC on Twitter, valued at around $ 1 million.

On November 27, after the price fell nearly 8%, El Salvador also aggressively bought another 100 BTC, valued at more than $ 5.4 million.

After El Salvador accepted the US dollar as its official currency in 2001, it became the first country to accept Bitcoin as legal tender in September.

Despite protests against the implementation of Bitcoin and the technological problems the government’s Chivo wallet is facing, crypto proponents argue that this El Salvador’s big Bitcoin experiment could be an opportunity to get ahead of the adoption of BTC.

In 2022, El Salvador will partner with Blockstream to issue Bitcoin-covered bonds valued at $ 1 billion. Critics have linked the move to the government’s inability to secure a $ 1.3 billion loan from the International Monetary Fund (IMF), which will counter the acceptance of Bitcoin as legal currency against “a number of macroeconomic ones , financial and legal issues ”was openly skeptical. Analysts say Bitcoin bonds could make it difficult for countries to secure themselves financially due to their poor creditworthiness.

The bond will be used to fund the volcanic Bitcoin city in El Salvador.

Since the majority of people do not have access to banks, Bitcoin is viewed as a financial gain despite the initial risks.

Bitcoin price chart | Source: Tradingview

Bitcoin is currently trading at $ 49,153, very close to the $ 50,000 target that the bulls are aiming for.

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