The Central American country of El Salvador has added 410 Bitcoins to its central reserve as BTC prices trade below $37,000, a price last seen on Jul. 26, 2021. The fresh addition to the country’s BTC reserve was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made against $15 million, placing the price at approximately $36,585 per BTC.
The latest purchase is currently the cheapest acquisition for El Salvador.
El Salvador adopted BTC as a legal tender on Sept. 7, 2021, as a means to overcome catastrophic inflation amid the weakening spending power of the nation. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market sees a momentary price fall. The latest purchase is currently the cheapest acquisition for El Salvador ever since the country adopted BTC as a legal tender. Bitcoin’s price has been quite volatile this year.
Crypto.com’s report says the global crypto market will host one billion users by the end of 2022.
With bitcoin trading just above the $36,000 mark and the resultant sell-off, Bukele believes that “some guys are selling really cheap,” supporting his long-term vision of mainstream Bitcoin adoption. The leading cryptocurrency experienced a steady rise in prices from mid-July, which resulted in an all-time high of almost $69k in the first week of November. However, the next three months saw a steep decline in market prices as investors redirected BTC profits into buying other tokens. A new report from Crypto.com predicts that the global crypto market will host one billion users by the end of 2022 as more developing nations mimic El Salvador’s move to mainstream BTC adoption.