El Salvador President Buys 21 Bitcoin (BTC) at 21:21:21

By Prashant Jha
December 22, 2021 Updated December 22, 2021
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El Salvador

El Salvador, the first county to legalize Bitcoin (BTC) as legal tender has bought an additional 21 Bitcoin. President Nayib Bukele who has played a key role in bringing BTC to the masses in the country announced they have bought an additional 21 BTC to mark the last 21st day of the year 21 of the 21st century.

President Bukele started a Twitter quote thread of sorts where he first talked about how El Salvador’s entire area is about 21,000 square kilometers referring to the 21 million supply of BTC. He later said that they will make the BTC  purchase exactly at 21:21:21.

President Bukele went on to confirm their purchase in a later tweet. El Salvador President has been buying the Bitcoin dip ever since they made it a legal tender in September. The latest purchase is comparatively lower but it was to honor an occasion rather than buying the actual dip.

El Salvador reaping benefits of Bitcoin adoption

When the El Salvador Congress passed the bill to make Bitcoin a legal tender in June this year, it was met with a huge uproar from IMF, the world bank, and other international organizations. IMF has issued several warnings against the use of BTC as a legal tender. However, the small Central American nation is already reaping the benefits of adopting BTC.

The nation has seen the biggest change in the remittance market where Bitcoin ATMs have now become the primary tool for sending and receiving money from overseas. Apart from that President Bukele’s continuous buying of the dips has also helped them build new hospitals and Schools from the profit they made on their investment during the dip.

After facing criticism from IMF and the world bank and with no hopes of getting the $1 billion monetary aid, President Bukele launched the  Bitcoin volcano bonds worth a billion dollars, as suggested by full-time BTC proponent Max Keiser.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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