El Salvador Has Bought Its First $10 Million of Bitcoin

El Salvador has bought $10 million of Bitcoin, as revealed on the Twitter profile of the country’s president, Nayib Bukele.

El Salvador Bought 200 BTC

Bukele stated that the El Salvador government has purchased 200 BTC. The purchase was made in preparation for the country’s plans to make the cryptocurrency legal tender on Sept. 7.

He noted that this is just the first purchase that El Salvador will make. In his Twitter message, Bukele explained that the country’s brokers “will be buying a lot more as the deadline approaches.”



Presumably, the funds will go toward the country’s plan of airdropping $30 of cryptocurrency to its citizens.

With 2.5 million users expected to download the country’s Bitcoin wallet, today’s purchase will only go part of the way toward the $75 million of Bitcoin needed to fund the program.

Bitcoin prices rose slightly after Bukeke’s announcement, rising from $51,667 to $51,965 over the course of an hour. That change represents an increase of approximately 0.6%.


Bitcoin Becomes Legal Tender Tomorrow

El Salvador will officially make Bitcoin legal tender tomorrow, Sept. 7. If this is the deadline that Bukele is referring to, the country may buy more Bitcoin within the next 24 hours.

Although the country’s decision to adopt Bitcoin has been well-received by the crypto community, it has also seen backlash from within El Salvador itself. Last week, protesters criticized the cryptocurrency’s price volatility and use in criminal activity.

The country’s plans to adopt Bitcoin as legal tender have been in progress since the news was first announced in June.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article