2021-12-24 18:17 |
The Salvadoran government has continued amassing BTC to mark different milestones after embracing Bitcoin (BTC/USD) as legal tender in September this year. President Nayib Bukele announced yet another purchase of the flagship cryptocurrency, saying the country bought 21 BTC to mark December 21, 2021. At the time of writing, these funds are worth $1,021,742.61 (£767,650.55).
Announcing this news, President Bukele said yesterday was the 21st day of the year 2021 in the 21st century. While this observation is notable, the president added that El Salvador’s entire area is approximately 21,000 square kilometres. On top of this, he pointed out that BTC’s maximum supply is 21 million.
El Salvador’s entire size is 21,000 km2
Coincidence? I don’t think so!#Bitcoin🇸🇻
This purchase comes after President Bukele announced El Salvador had bought another 100 BTC at a price of around $54,000.00 per token to celebrate Black Friday on November 26. In so doing, El Salvador’s BTC trove increased to 1,220 coins. After buying the 21 BTC, this number increased to 1,241.
El Salvador just bought the dip.
100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻
These coins are worth approximately $60,217,018 (£45,173,903.65). Notably, the country’s BTC holdings were worth around $66.30 million (£49.73 million) after the November 26 purchase. This data shows that even though El Salvador added more coins, the value of its BTC holdings is down by over $6.00 million (£4.50 million).
Forging the way forward despite mounting pressureDespite getting the shoulder from the World Bank and the International Monetary Fund (IMF) after requesting the institutions to support El Salvador’s decision to embrace BTC as legal tender, Bukele seems determined to ensure the country thrives after embracing crypto. For instance, he announced that El Salvador seeks to build the world’s first BTC city.
According to him, the city would run on BTC and will levy no taxes apart from Value added tax (VAT). The president noted that half of the funds obtained from VAT go towards building the city, and the other half would go towards keeping the streets clean.
On top of this, he signed an agreement to secure $1.00 billion (£0.76 billion) from crypto infrastructure company Blockstream. Allegedly, the government seeks to get these funds by issuing the first sovereign BTC bond. Exacerbating this situation, he said the government would use half of the funds to purchase more BTC.
It is worth noting that the president has continued to make these changes despite a significant percentage of Salvadorans disagreeing with the decision to embrace BTC as legal tender.
The post El Salvador purchases 21 BTC to celebrate December 21, 2021 appeared first on Invezz.
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