El Salvador, a Central American country, has added 410 Bitcoins (BTC), to its central bank as BTC prices trade below $37,000. This price was last seen July 26th 2021.
President Nayib Bukele announced the addition of 410 BTC to El Salvador’s BTC reserves. He confirmed that the purchase was against $15 million. This puts the price at $36,585 per BTC.
It was not what I expected, and I didn’t notice it. El Salvador just bought 410 #bitcoin for only 15 million dollars Some guys are selling really cheap https://t.co/vEUEzp5UdU
— Nayib Buukele (@nayibbukele), January 21, 2022
As a way to combat inflation and the declining spending power of El Salvador, El Salvador adopted BTC on September 7, 2021 as a legal tender. The country strategically has accumulated 1,801 BTC in the last four months, particularly when the market experiences a momentary price drop.
Since El Salvador adopted BTC as a legal currency, the latest purchase is the lowest ever.
BTC trading at just over $36,000 and subsequent sell-offs, Bukele believes “some guys selling really cheap,” which supports his long-term vision for mainstream Bitcoin adoption.
Bitcoin price movements Source: TradingView.
Data from TradingView and Cointelegraph Markets Pro show that BTC saw a steady increase in prices starting in July. This led to a record high of nearly $69k the first week in November. The market prices declined sharply over the next three months as investors used their profits to buy other tokens.
Related: Countries to adopt Bitcoin, crypto users will reach 1B by 2023: The Report
Crypto.com has released a new report that predicts that there will be one billion crypto users worldwide by 2022, as more countries follow El Salvador’s lead to mainstream BTC adoption.
The monthly growth of crypto-owners. Source: Crypto.com.
Cointelegraph reported that Crypto.com believes that there will be 1 billion crypto users in 2022 if we assume a similar rate. This is due to a combination of El Salvador’s development and a more friendly stance towards the industry.