• El Salvador now has 1120 bitcoins after President Bukele purchases 420 more

  • El Salvador’s President Nayib Bukele confirmed Wednesday evening via Twitter that the Latin American country has purchased the “Bitcoin price drop,” exchanging dollars for Bitcoin at a time when he believes it is undervalued by the global market.

    El Salvador’s President Nayib Bukele confirmed Wednesday evening via Twitter that the Latin American country has purchased the “Bitcoin price drop,” exchanging dollars for Bitcoin at a time when he believes it is undervalued by the global market.

    At the time of Bukele’s tweet announcing the purchase of 420 more Bitcoin, the price of Bitcoin was around $58,800 dollars, down from breaking all-time highs to reach nearly $67,000 on 20 October.

    On September 6, the day before Bitcoin was officially declared legal tender in El Salvador, the president announced that the country had purchased its first 400 BTC in two separate transactions, and that he planned to buy “a lot more” with government funds in the future. El Salvador became the first country in the world to publicly list Bitcoin on its balance sheet with that historic announcement.

    The following day, Bitcoin was declared legal tender in El Salvador. When President Nayib Bukele announced again that El Salvador had bought the dip, the price dropped from around $51,000 to $43,000. The country’s total Bitcoin reserves have increased from 400 to 550 BTC.

    Another price drop purchase on September 20 increased El Salvador’s Bitcoin reserves from 550 to 700 BTC, valued at approximately $42,851,060 at the time of writing. The purchase of 420 BTC on Wednesday increased the country’s total Bitcoin reserves to 1120 BTC, bringing the total value of their stack to $68,561,696 at the time of writing.

    The entire world is watching this experiment, and Bitcoiners are eager to see which country will be the next to adopt Bitcoin as nations are forced to compete or risk falling behind. Global politics has entered a game-theoretic prisoner’s dilemma, and nation states that adopt Bitcoin first will have a significant advantage. At the moment, El Salvador is the only country that has Bitcoin in reserve.

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