El Salvador’s President, Nayib Bukele, announced a new Bitcoin purchase on his Twitter page on Wednesday 22nd December.
The government has purchased another 21 bitcoins, which are currently valued at around $1 million. President Nayib Bukele said in late November that he had purchased $5.4 million in Bitcoin. El Salvador became Bitcoin legal money in September, after accepting the US dollar as its official currency in 2001.
Despite widespread opposition to Bitcoin implementation and technical challenges with the government’s Chivo wallet, crypto advocates claim that the country’s major Bitcoin experiment could be a foreshadowing of things to come.
And we are buying 21 #bitcoin for the occasion 🥳 https://t.co/xKo80nhYOn— Nayib Bukele 🇸🇻 (@nayibbukele) December 22, 2021
El Salvador plans to issue a $1 billion Bitcoin-backed bond in 2022 in collaboration with Blockstream. The move has been connected by critics to the government’s inability to acquire a $1.3 billion loan from the International Monetary Fund (IMF), which has been openly suspicious of the tropical nation’s bold Bitcoin bet. Analysts say that due to their low creditworthiness, Bitcoin bonds may make it more difficult for countries to obtain funds from traditional institutions.
The Bulls are aiming for a $50,000
The world’s most valuable cryptocurrency is presently trading only inches away from $50,000.
It is now trading on the Bitstamp exchange for $49,118 at the time of publication. Despite reducing some losses earlier this week, Bitcoin is still down 14% for the month.