El Salvador is ready to add more bitcoin to its national reserves, the Central American country’s president has revealed. Nayib Bukele stated via Twitter that El Salvador will one day start buying a bitcoin starting Friday, November 18th. Currently, the entire crypto market is struggling with a slump following the downfall and bankruptcy of crypto exchange FTX. Bitcoin is currently trading around the price of $16,800 (about 13.7 lakh).
The country that became the first in the world to legitimize bitcoin as legal tender in September 2021 continues to take a pro-crypto approach despite the ongoing recession.
Bukele’s announcement comes a few weeks after state-owned bank BANDESAL refused to release details of El Salvador’s BTC purchases to ALAC El Salvador, a non-governmental anti-corruption agency.
Despite warnings from the International Monetary Fund (IMF) against using BTC as legal tender, El Salvador has continued to show support for Bitcoin.
From setting up bitcoin ATMs to creating a government-backed bitcoin wallet called Chivo for Salvadorans, Bukele has taken initiatives aimed at expanding crypto adoption and use cases in his country.
From CryptoPotato, the Salvadorian treasury has a total of 2,381 BTC, which is currently $40 million (approximately Rs.3.25 million).
In May, El Salvador bought its largest-ever drop of 500 bitcoins at an average price of $30,744 (roughly 24 lakh) per BTC. However, over the past year, the value of these BTC holdings has dropped significantly from US$103.9 million (about Rs.850 crore) to about US$45 million (about Rs.372 crore).
In July, El Salvador’s official bitcoin wallet, called Chivo, processed US$52 million (roughly Rs.4.10 billion) in these transfers. In the first five months of this year, Chivo’s deposits rose 3.9 percent to US$118 million (about Rs.9.33 billion). Chivo does not take any commission for facilitating transactions from BTC to US dollars.
Affiliate links may be automatically generated – see our Ethics Statement for details.
Visit our MWC 2023 hub to find out more about the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and more at Mobile World Congress in Barcelona.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.