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El Salvador adds 420 Bitcoin to its BTC stash

El Salvador now owns 1,120 BTC, worth $87.4 million, which was purchased at an average price of $53,300.

Photo by OpenClipart-Vectors of Pixabay

Thu, 28 Oct 2021, 12:47 pm UTC

El Salvador made headlines earlier this year by becoming the first country to grant legal tender status to Bitcoin. Despite the massive fluctuations of the crypto’s price since then, the government remains bullish and continues to promote BTC’s use among its citizens by coming up with various perks.

In fact, El Salvador just increased its Bitcoin stash indicating its bullish stance on the crypto. The purchase was confirmed by President Nayib Bukele who announced the addition of 420 BTCs to the nation’s crypto stash.

“It was a long wait, but worth it,” Bukele wrote on Twitter on October 28, 2021. “We just bought the dip! 420 new Bitcoin.”

He later made a follow-up tweet saying that El Salvador already made a profit from its most recent BTC purchase. “Hahaha, we’re already making a profit of the #Bitcoin we just bought.” According to Cointelegraph, the country’s 420 BTCs gained around 4 percent or $100,000 in between the tweets.

El Salvador paid around $24.6 million for its recent purchase of 420 BTC. This brings the country’s total Bitcoin stash to 1,120 BTC, worth $87.4 million, which was purchased at an average price of $53,300.

The country made its first purchase on September 6, 2021, by buying two batches of 200 BTC. A day later, it made another purchase of 150 BTC, which was also the time when it made Bitcoin legal tender. Less than two weeks later, El Salvador made an additional purchase of 150 BTC on September 19, bringing its total holdings to 700 BTC.

El Salvador’s recent attention did not escape the attention of industry experts and crypto enthusiasts who aired their comments on social media. For instance, Bitcoin bull Anthony Pompliano lamented that the U.S. appears to be lagging behind El Salvador when it comes to crypto adoption and ownership.

“It is absurd that the United States is being outcompeted by El Salvador for who owns more bitcoin,” Pompliano wrote on Twitter. “Our national policy should be to match every single BTC purchase that is made by a foreign government. The next competition won’t be number of nukes, but how much bitcoin you own.”

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