El Salvador has kick-started its crypto year with a purchase of 410 BTC tokens at an average of $36,585 per token. This development comes into light after president Nayib Bukele confirmed the crypto purchase in an announcement on Friday morning.
El Salvador has now increased its Bitcoin portfolio by 410 Bitcoins. El Salvador’s first Bitcoin acquisition move this year yields a record low acquisition rate as BTC dips below $38,000 to trade at 7 months all-time low.
Popularly known as the Bitcoin city, El Salvador continues to lead the crypto adoption race globally as it aims to leverage the growing relevance of the industry to grow its economy to match other world giants. The Central American country’s ambitions are mirrored in its radical national policies that leverage the adoption of top crypto, Bitcoin as legal tender.
President Nayib Bukele who prides himself as a visionary leader is at the forefront of Salvador’s crypto moves, he is presumably a pivotal influence in El Salvador’s ingenious and radical policies.
President Bukele’s Announcement
El Salvador’s visionary leader, President Bukele took to Twitter to announce El Salvador’s purchase of Bitcoin. He excitedly revealed the details of the transaction in his tweet that featured joyful sentiments despite the crypto market’s current downtrend.
He tweeted that El Salvador acquired 410 Bitcoins for a cheap price of $15 million which places the acquisition price of a BTC token at $36,585 apiece.
President Bukele’s Crypto Sentiments
El Salvador’s Bukele led administration adopted Bitcoin as an official legal tender on the 7th of September 2021. The pioneering move was undertaken to combat devastating inflation rates that the economy featured at the time to strengthen the nation’s spending power.
Shortly after the successful implementation of its Bitcoin adoption policies, El Salvador began to stockpile Bitcoin in large quantities, fast forward to now, its reserves stockpile has grown to house 1,801 Bitcoins. The majority of the acquisitions in the reserve were strategic, as the purchases were made whenever Bitcoin slips price-wise and fields momentarily low price action.
The nation’s latest purchase is by far its cheapest acquisition of the number one cryptocurrency post-BTC policy implementation.
With Bitcoin’s current price low of $36,000 that mirrors 7 months’ all-time low, President Bukele believes that the crypto’s current trade price is cheap and ripe for purchase, backing his long-term ambition that envisions mainstream adoption of cryptocurrency.
Bitcoin’s Price Action
Data sourced from analytics website, TradingView showed that Bitcoin experienced healthy price growth early last year the saw its price run steadily from mid-July and ended in a record high of about $69,000 later in November. However, the crypto’s post-spike price action left nothing to be desired as BTC featured a steep price dip.
The crypto market climate is now gloomy as the industry fields a market-wide sell-off that features the decline of Bitcoin and virtually all other cryptocurrencies. However, a recent report from Crypto.com might be a day of sunshine in the gloom as Crypto.com predicts a spike in the growth of the global crypto market in 2022. The report revealed that projections leveraged on last year’s growth data extrapolations put the number of crypto users in the globe at 1 billion, come 2023.