El Salvador has bought a total of 21 Bitcoin BTC/USD On Sunday to celebrate the fourth birthday of making the leading cryptocurrency legal tender in the country.
El Salvador celebrates ‘Bitcoin Day’
President Nayib Bukele confirmed the news on X and stated: “Buy 21 Bitcoin for Bitcoin Day”, while he confirmed a fragment of the official Bitcoin Treasury Tracker of the country.
The last purchase of 21 BTC, worth $ 2.3 million, increased the Bitcoin holdings of the country to 6,313.18 BTC, worth $ 701.77 million at current prices. While El Salvador maintains his “One bitcoin per day” approach, the newest purchase increased its weekly total to 28 BTC.
See also: Analysts warns among $ 95,000.
El Salvador’s groundbreaking push
El Salvador became the first nation that Bitcoin recognized in 2021 as a legal tender and positioned himself as a pioneer in the acceptance of digital currency. The country approved the Bitcoin Act in June 2021 and three months later, on 7 September, it was put into force and the status of legal payment enthusiasts was adopted.
Since then, the country has performed the efforts to actively integrate it into its education, public administration and economic infrastructure. Last month it became the first country in the world to introduce Bitcoin education to all students aged seven or older.
El Salvador is also preparing to organize a two-day state-supported cryptocurrency conference, Bitcoin HistoricalIn November.
However, the journey has not been as flexible as policy makers would have expected.
The challenges
BUKELE admitted last year that Bitcoin’s adoption was not “decent success” and that he expected the results to be better.
Moreover, the International Monetary Fund El Salvador had asked to put Bitcoin purchases in the public sector as part of a financing agreement of $ 1.4 billion earlier this year. While the country has adjusted its Bitcoin Act and voluntarily made the acceptance of Bitcoin instead of mandatory, it did not stop his purchases.
Price action: At the time of writing, BTC exchanged hands at $ 111.192, an increase of 0.36% in the last 24 hours, according to Data from Benzinga Pro.
Photo with thanks to: Joey Sussman on Shutterstock.com
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