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El Salvador Buys the Dip, Now Holds 1120 Bitcoin

Published 10/28/2021, 04:48 AM
Updated 10/28/2021, 05:00 AM
© Reuters El Salvador Buys the Dip, Now Holds 1120 Bitcoin

  • El Salvador acquires an additional 420 Bitcoin
  • The country has now a total of 1120 BTC holdings

El Salvador remains one of the most talked-about countries in the crypto world. This time, El Salvador hit the headlines once again when it bought an additional 420 Bitcoin tokens. Furthermore, this Bitcoin purchase made by El Salvador lately marks the first Bitcoin purchase made by the country’s government.

This made Bitcoin Archive; a Bitcoin enthusiast, react in tweet post:

The tweet post created by Bitcoin Archive states that El Salvador recently bought the Bitcoin dip. As a result, the country of El Salvador now has a total of 1120 Bitcoin holdings, which is approximately worth $66 million at the time of writing. Indeed, we can say that El Salvador fully embraces the technology that Bitcoin brings.

Furthermore, the act of El Salvador in the adoption of crypto assets aids the people in the country that were unable to open bank accounts. Through this, the unbanked community in the country can now seamlessly transfer funds across borders.

In terms of liquidity, El Salvador has deployed a huge number of Bitcoin ATMs in the country. In this way, Bitcoin holders can easily withdraw and do other crypto transactions at the tip of their fingertips.

At the time of writing, Bitcoin trades at a bullish price of almost $60k per crypto. In addition, it has a monstrous market cap amounting to over $1 trillion, which makes it the king of crypto assets.

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Latest comments

They must have been smoking a joint before making the purchase 😂420🚬
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