El Salvador buys another US$25 million in bitcoin, president says, doubling down on cryptocurrency experiment
- The Salvadoran government bought 420 more bitcoin, President Nayib Bukele said on social media, and the treasury currently holds 1,120
- El Salvador is the first country in the world to adopt bitcoin as legal tender, which the government argues will lower the cost of remittances for migrants
The latest purchase of bitcoin, worth nearly US$25 million at current prices, marks the first government acquisition of the cryptocurrency since September 20, when Bukele said it had bought 150 bitcoins.
“It was a long wait, but worth it. We just bought the dip! 420 new bitcoin,” Bukele wrote in a post on Twitter in English.
The cryptocurrency currently trades at just above US$59,000 per bitcoin.
Earlier last month, El Salvador became the first country in the world to adopt bitcoin as legal tender alongside the US dollar, which Bukele has argued will lower the cost of remittances from Salvadoran migrants living overseas.
Traditional banks and other financial institutions typically charge hefty fees to process the money transfers.
Overall, El Salvador’s treasury holds 1,120 bitcoin, according to official data, worth nearly US$66 million.