President Nayib Bukele announced the milestone on Twitter, telling supporters that his country “just bought its first 200 coins.”
Bukele noted that the Central American nation will buy more Bitcoin as the deadline approaches to make El Salvador the first nation to officially recognize a cryptocurrency as legal tender. The president tweeted early Monday afternoon:
El Salvador has just bought its first 200 coins.
Our brokers will buy a lot more as the deadline approaches. # BitcoinDay # BTC🇸🇻
– Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
At the current Bitcoin price of $ 52,000 for 1 BTC, the purchase is worth about $ 10.4 million.
200 BTC purchase history
Bukele also thanked blockchain technology and the bitcoin industry for the innovations that his government has enthusiastically embraced:
“Tomorrow, for the first time in history, all eyes in the world will be on El Salvador. #Bitcoin did this. “
The Bitcoin purchases will allow the government to provide liquidity for their new Bitcoin economy so that businesses, households and individuals can make or accept payments in BTC if they so choose.
On Tuesday, El Salvador will be the first nation in history to introduce Bitcoin or any other cryptocurrency as official money. The Salvadoran Congress approved the radical finance, technology and economic experiment in June with 62 votes out of 84.
The primary cryptocurrency won’t be the country’s only money as the U.S. dollar continues to be used as the official currency as it has been since 2001.
Bitcoin fever is sweeping Latin America
However, many are still concerned that the volatility of the Bitcoin price, or even a total collapse of the 12-year-old currency, will cause problems for the citizens of El Salvador. That led to massive anti-Bitcoin protests in the country a week ago.
Still, El Salvador will not replace the dollar, oblige anyone to accept Bitcoin, or provide facilities for instant convertibility between the two currencies.
It appears that President Nayib Bukele’s bold push in introducing Bitcoin has spurred other Latin American countries to accelerate adoption. Last month, Cuba rushed to El Salvador.
The island state did not lead its reforms to the Central American country, but legalized and regulated cryptocurrencies. Meanwhile, Honduras just got its own bitcoin ATM. Reuters called it a symptom of the “bitcoin fever” that is sweeping the world.
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