In addition to its already owned 550 Bitcoins, the Government of El Salvador, at the request of President Nayib Okele has made another purchase of Bitcoins. This time 150 more Bitcoins have been brought into the country’s Bitcoin ownership. The third purchase of Bitcoins also comes in the times when Bitcoin is suffering a dip.
El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar, has purchased more bitcoin. The Salvadoran government now holds 700 coins, according to President Nayib Bukele.
El Salvador is the first country in the world of having introduced first ever Bitcoin law. Under the said law, Bitcoin has been inducted as El Salvador’s national currency alongside American Dollars. The Bitcoin law came into existence on 7th September, 2021 and since then has become an integral component of El Salvador’s financial system. However, whether the decision of inducting Bitcoin is benefitting or wrong can be ascertained after a while. Still the law is in its infancy and has to go through the test of time.
Apparently, the first change Bitcoin law brought in for El Salvadorans was that the country is increasing its personal Bitcoin holding. The Government in El Salvador is using public money for purchasing Bitcoins and putting them into the country’s wealth. Right after, when the Bitcoin law was implemented, the country made two purchases of the world’s highly valued crypto coin. Initially the Government bought 400 BTCs and then, after a two day’s interval, bought further 150 BTCs.
Apparently, both of these purchases were made one day prior to the implementing of Bitcoin law. As regards the second purchase of Bitcoins, the transaction was carried out on 6th September i.e. on 6th September, 2021. Luckily, on that day, Bitcoin’s value was down and it only cost US$ 45,000 approximately against each Bitcoin for El Salvador. The very next day, Bitcoin’s value was up again once more. Resultantly, against each Bitcoin purchased on 6th September, El Salvador earned a profit upto US$ 5,000/-. This then created an opportunity for the country’s President, Nayib Bukele, who addressed the nation and apprised about profits via tweet posts.
Now there has been a further announcement from President Bukele informing the nation that more Bitcoins have been purchased by the Government. President Bukele tweeted on 20th September, 2021 saying that in addition to 550 Bitcoins, the Government has bought 150 coins more. He also told that since Bitcoin was going through a dip, opportunity of bringing in more Bitcoins was there to be taken. As of today, with the third successful purchase of Bitcoins, El Salvador now owns 700 units of Bitcoins. Optimistically, Bukele also made a comment that suggesting that it is always a good strategy to buy the dip.
However, there is a small portion of El Salvadorans who does not support their Government’s take on Bitcoin. They want to keep the financials simple and do not appreciate its digitalization. They are also arguing that states usually don’t work like that. Small acquisitions of a highly speculative Bitcoin is not only absurd but also against the national interest.
