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Jafrin Ahmed
Dec 22, 2021
by Jafrin Ahmed

El Salvador President Continues Bitcoin Buying Spree, Purchases Another 21 BTC

El Salvador BTC Nayib Bukele
El Salvador President Nayib Bukele said that the Central American country has acquired an additional 21 BTC worth $1 million at the time of writing. The latest purchase comes as a homage to the last twenty-first day of the twenty-first year of the twenty-first century, said Nayib in a tongue-in-cheek Twitter remark.

El Salvador Adds More Bitcoin to National Treasury

On December 22, El Salvador had added a load of 21 BTC to its national treasury. At the time of writing, Bitcoin's (BTC) price is currently trading at $49, 347, up 1.2 percent from the past 24 hours. The flagship cryptocurrency last touched time at an all-time high of $69,000 one month ago.

The country now has close to 1,500 BTC in its reserve after adopting Bitcoin as an official currency of El Salvador in September 2021, a move that generated global media attention but also attracted criticism from leading foreign financial institutions. For instance, the International Monetary Fund (IMF) said last month that El Salvador should not use bitcoin as a legal tender, considering the risks associated with the cryptocurrency given its high price volatility.

Meanwhile, Bukele argues that the adoption of Bitcoin will help millions of Salvadorans living abroad send remittances back home while helping bring financial inclusion, foreign investment, and development.

In addition to being the country's serial Bitcoin shopper, the 40-year old El Salvadoran President has been accelerating efforts to drive Bitcoin-related activities in the country to drive adoption among the country’s residents.

Just last month, Bukele revealed plans of building a Bitcoin City at the base of the Conchagua volcano to power Bitcoin mining with renewable energy. The country is also set to issue a $1 billion in Bitcoin-backed bond in partnership with Blockstream next year.

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El Salvador President Continues Bitcoin Buying Spree, Purchases Another 21 BTC
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.