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El Salvador’s President Nayib Bukele announced this Thursday that he has bought 80 bitcoins while the legal tender cryptocurrency is on a downward trend at around $20,000. “El Salvador bought 80 bitcoins today (at $19,000 each),” the president tweeted in English. “bitcoin this is the future, thanks for the cheap sale,” he added.
Given the declining prices of cryptocurrencies and criticism from his administration, on June 19, the President stated that “patience is the key” when investing in bitcoin. “I see that some people are worried or worried about the price bitcoin in the market”, “my advice: stop looking at the chart and enjoy life. If you have invested in #BTC, your investments are safe and their value will rise strongly after the bear market (pessimistic markets and falling prices),” the president emphasized at the time.
In September 2021, El Salvador became the first country to adopt bitcoin as legal tender at par with the dollar. then bitcoin It was about $44,000.
El Salvador buys more bitcoins
November 10 last bitcoin had its historical price above $68,000. It then maintained a downward trend driven by the collapse of other crypto assets amid turmoil in those markets. The government created the Chivo Wallet e-wallet so that Salvadorans can work with this asset and facilitate the sending of money transfers without paying high fees.
This Thursday, Central Reserve Bank (BCR) President Douglas Rodriguez revealed that El Salvador received a total of $3,145.6 million in family remittances from January to May, up 3.9% from the same period in 2021. Most money transfers come through the banking system and other agencies of this service, but those sent through Chivo Wallet do not reach 2% of sendings.
“Money transfers through Chivo Wallet register $52 million from January to May with zero costs and fees for sending them,” Rodriguez assured. On May 10, Bukele announced that El Salvador had bought 500 bitcoins, taking advantage of the low price. With a new acquisition this Thursday, the country has accumulated 2,381 assets. AFP.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.