El Salvador adds nearly $25 million in bitcoin to state coffers, says president
SAN SALVADOR (Reuters) – The Salvadoran authorities acquired 420 further bitcoin on Wednesday, President Nayib Bukele launched on social media, as a result of the Central American doubled down on its splashy cryptocurrency experiment.
The latest purchase of bitcoin, worth nearly $25 million at current prices, marks the first authorities acquisition of the cryptocurrency since Sept. 20, when Bukele acknowledged it had bought 150 bitcoins.
“It was a protracted wait, nevertheless worth it. We merely bought the dip! 420 new bitcoin,” Bukele wrote in a put up on Twitter in English.
The cryptocurrency at current trades at merely above $59,000 per bitcoin.
Earlier last month, El Salvador turned the first nation in the world to undertake bitcoin as licensed tender alongside the U.S. buck, which Bukele has argued will lower the value of remittances from …