El Salvador’s president said he bought more BTC for the country’s national reserve

Written by Evgenia Sidorova
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El Salvador's president said he bought more BTC

On December 4, President Bukele, who is betting on bitcoin for his country’s future, announced on Twitter that his country had bought another 150 bitcoins (at an average price of $ 48,670). It happened after the bitcoin price dropped below $ 50,000.

He also admitted they had failed to buy BTC while the intraday low was $42,431. Nevertheless, it increased the number of bitcoins bought by El Salvador to 1,270 BTC, worth around $62 million at this writing. On Twitter, the President of El Salvador said that he purchases BTC for the country’s national reserve via telephone. 

The “buy the dip” relay was also picked up by Justin Sun, the founder of the TRON cryptocurrency platform, who bought 100 BTC at an average price of $47,627.

According to a Reuters report, on November 20, President Boukele announced that his country wants to build the world’s first Bitcoin City in the eastern La Union region.

Residents of Bitcoin City will not pay taxes on income, property, and capital gains. The only payment is 10% value-added tax. The collected money will go to the development of the city. Geothermal stations built near the Konchagua volcano will supply Bitcoin City with energy. Crypto will also be mined there.

“Invest here and make as much money as you want … This is a completely ecological city that works and gets its energy from a volcano.” – said the president.

On September 7, 2021, El Salvador accepted Bitcoin as its official currency. It takes three months to create an infrastructure that accepts payments in cryptocurrency. Bukele stressed that bitcoins would be legal tender on par with the US dollar. According to the law, prices in El Salvador can be set in cryptocurrency.

The International Monetary Fund (IMF) has advised El Salvador not to accept cryptocurrency as legal tender. Its volatility is associated with risks to consumers and the integrity of the Central American country’s financial system.

Surreal plot: 2021, the country’s president, in the middle of the night from his phone, buys bitcoin for $ 9.5M. Welcome to the future!

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