El Salvador’s total Bitcoin (BTC) production has exceeded 1100 as the government seeks to step up the adoption of cryptocurrency as legal tender.
When Bitcoin price slipped below $ 60,000 on Wednesday, many Hodlers took the opportunity to buy the dip. One of the most aggressive buyers of the day was the Salvadoran government, which reportedly stole another 420 bitcoins to replenish their holdings.
According to President Nayib Bukele, the decline in bitcoins enabled the country to buy more BTC after waiting a long time for the opportune time.
“It was a long wait but it was worth it“Bukele noticed on Twitter, adding that his government “just bought the dip!”
1120 BTC and counting
El Salvador made history as the world’s first sovereign state when it introduced Bitcoin as legal tender in September.
Despite early pitfalls related to nationwide skepticism, the implementation of the project continues as more people begin to use the official wallet for transactions in Bitcoin and the US dollar.
The country also supports bitcoin mining by providing miners with some green energy reserves.
What is noteworthy, however, is the country’s growing BTC holdings. Bitcoin Trust has added new coins three times since its first purchase.
El Salvador’s last Bitcoin purchase occurred around September 20 when the Central American nation added 150 BTC to its coffers. Prior to this latest acquisition, El Salvador’s Bitcoin inventory was 700 (300 BTC on the very first purchase and an additional 150 BTC during Bitcoin’s summer lows).
After that final purchase, the land’s loot is now 1120 bitcoins. At the price at which Bitcoin was trading on the announcement, the 420 BTC cost about $ 25 million. Overall, El Salvador’s BTC holdings are worth about $ 66.2 million if we look at Bitcoin’s current price of $ 59,124.