Chairman Nayib Bukele confirmed that the purchase of 410 BTC was made for $15 million, putting the transaction price at around $36,585 per BTC.
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Central American country El Salvador added 410 Bitcoin (BTC) to its central reserve as BTC price traded below $37,000, a price last seen on July 26, 2021.
The new addition to El Salvador’s BTC reserves was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made for $15 million, putting the price at around $36,585 per BTC.
No, I was wrong, don’t miss it.
El Salvador just bought 410 yen #bitcoin for only 15 million dollars
You guys are selling really cheap ♂️ https://t.co/vEUEzp5UdU
– Nayib Bukele (@nayibbukele) January 21, 2022
El Salvador adopted BTC as a legal tender on September 7, 2021, as a means of weathering catastrophic inflation amid waning national spending power. Fast-forward to today, the country has strategically amassed 1,801 BTC over the past four months, especially as the market witnessed a momentary price drop.
The latest purchase is currently the cheapest acquisition for El Salvador since the country adopted BTC as a legal tender.
With BTC trading just above the $36,000 mark and the resulting sell-off, Bukele believes “some guys are selling really cheap,” supporting his long-term vision of mainstream Bitcoin adoption.
As evidenced above by data from Cointelegraph Markets Pro and TradingView, BTC has experienced a steady rally since mid-July, leading to an all-time high of nearly $69k in the first week of the week. 11. However, the next three months saw a sharp drop in market prices as investors redirected BTC profits to buying other tokens.
Related: Countries that accept Bitcoin, crypto users reach 1B by 2023: Report
A new report from Crypto.com predicts that the global crypto market will have one billion users by the end of 2022 as more developing countries mimic El Salvador’s move to mainstream BTC adoption.
As Cointelegraph reported, Crypto.com estimates that “If we extrapolate a similar rate of increase to 2022, we are on track to hit 1 billion crypto users by the end of 2022.” The report concluded that the combination of developing countries following El Salvador and a “more friendly stance” towards the crypto industry means that “countries can no longer afford to ignore the growing push towards cryptocurrencies by the public.”