El Salvador’s Crypto-Treasury Now Richer by 420 Bitcoins, President Nayib Bukele Says

The purchase comes at a time when Bitcoin prices are rallying above $60,000 (roughly Rs. 45 lakh).

By Radhika Parashar | Updated: 28 October 2021 17:15 IST

El Salvador’s Crypto-Treasury Now Richer by 420 Bitcoins, President Nayib Bukele Says

Photo Credit: Facebook/ Nayib Bukele

President Nayib Bukele has been taking steps to make El Salvador Bitcoin-friendly

Highlights

El Salvador is filling up its Bitcoin reserves
The country has purchased 420 new tokens
President Nayib Bukele announced the news on Twitter

El Salvador, the country that became first in the world to legalise Bitcoin as a legal tender in September, continues to keep adding to its crypto treasury. The country has purchased a new lot of 420 Bitcoins earlier this week, Salvadorian President Nayib Bukele revealed on Twitter. El Salvador has spent around $25 million (roughly Rs. 187 crore) for this purchase that was made when Bitcoin prices have been skyrocketing. Currently, Bitcoin is trading at $62,953 (roughly Rs. 47 lakh) per token.

Bukele took to Twitter to share the news with his three million followers on the platform.

It was a long wait, but worth it.

We just bought the dip!

420 new #Bitcoin????????
— Nayib Bukele ???????? (@nayibbukele) October 27, 2021

With this new lot of Bitcoin, El Salvador now holds 1,120 tokens worth around $66 million (roughly Rs. 494 crore).

The central American country is rallying in terms of Bitcoin adoption.

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Several Bitcoin ATMs have been installed in the country for instance, which allow people to transact in the cryptocurrency or convert it to fiat.

Salvadorians are also beginning to mine Bitcoins using volcanic geothermal energy to reduce the carbon footprint of the process.

Bukele had also recently revealed that more US dollars are being poured in to be exchanged for Bitcoin in the country.

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Indicating the success of legalising Bitcoin payments, Bukele's tweet highlighted it was “wild” that 2.1 million El Salvador citizens are “actively using” the Chivo wallet that was launched just three months ago in June.

2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).

Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.

This is wild!#Bitcoin????????
— Nayib Bukele ???????? (@nayibbukele) September 25, 2021

In recent days however, none of Bukele's announcements about Bitcoin purchases have been accompanied by more details, a report by CryptoReportage revealed.

The Salvadorian media has also reported that the Bitcoin purchases announced by Bukele have not yet been registered in any of the institutions concerned with El Salvador's monetary policy.

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Further reading: El Salvador, Bitcoin, Cryptocurrency, Nayib Bukele, El Salvador Bitcoin

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More