President of El Salvador Nayib Bukele confirmed via Twitter on Wednesday evening that the Latin American nation bought the “Bitcoin price drop”, trading dollars for Bitcoin at a time when he believes it remains under- valued by the world market.
Bitcoin’s price was around $ 58,800, down from all-time highs to nearly $ 67,000 on October 20, at the time of Bukele’s tweet announcing the purchase of an additional 420 Bitcoins.
On September 6, the day before Bitcoin officially became legal tender in El Salvador, the President announced that the country had purchased its first 400 BTCs in two separate purchases, saying he planned to buy “a lot more” with funds. government. With this historic announcement, El Salvador became the first country in the world to publicly put Bitcoin on its balance sheet.
Bitcoin was declared legal tender in El Salvador the next day. Its price rose from around $ 51,000 to $ 43,000 when President Nayib Bukele again announced that El Salvador had bought the drop. Bringing the country’s total Bitcoin reserves from 400 to 550 BTC.
Another lower price buy on September 20 raised El Salvador’s Bitcoin reserves from 550 to 700 BTC worth around $ 42,851,060 at the time of writing. The 420 BTC purchase on Wednesday brought the country’s total Bitcoin reserves to 1,120 BTC, increasing the value of their stack to $ 68,561,696 at the time of writing.
The world is watching this experience, and Bitcoiners are eager to see which country will be next to adopt Bitcoin as nations are forced to compete or be left behind. The game theory prisoner’s dilemma began in global politics, and nation states that embrace Bitcoin first have a great advantage. Currently, El Salvador is the only country to publicly hold Bitcoin in reserve.
