Bukele confirms El Salvador bought 410 Bitcoin as price is 'cheap' at $36k

President Nayib Bukele confirmed that the purchase of 410 BTC was made against $15 million, placing the trading price at approx $36,585 per BTC

Bukele confirms El Salvador bought 410 Bitcoin as price is 'cheap' at $36k

President Nayib Bukele confirmed that the purchase of 410 BTC was made against $15 million, placing the trading price at approx $36,585 per BTC 

The Central Americal country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC price traded $37,000 on July 26th, 2021.

El Salvador's BTC book was declared by president Nayib Bukele, who confirmed that buying 410 BTC worth $36,585 per BTC. 

El Salvador adopted BTC as a legal tender on Sep 7. 2021, The country has strategically accumulated 1,801 BTC over the past four months. especially when the market price is down. 

Bukele believes that "some guys are selling really cheap," supporting the long-term goal of Bitcoin adoption. 

Source: TradingView

Above data, BTC experienced a rise in prices from mid-July. an all-time high of almost $69k in the first week of Nov. However, the next three months saw a steep decline in market prices as investors redirected the BTC profile into purchasing tokens. 

According to a Crypto.com report predict that the Global crypto market will host one billion users by the end of 2022 EL Salvador's going to BTC adoption. 

Source: Crypto.com

Crypto.com estimates that "if we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022." The report shows developing nations following EL Salvador and a "friendlier stance" the crypto industry mean that "nations can no longer afford to ignore growing crypto by the public."

Read: El Salvador additionally purchase 100 BTC celebrating Black Friday