El Salvador Buys More BTC
El Salvador, which established bitcoin legal money alongside the US dollar, has increased its bitcoin purchases. According to President Nayib Bukele, the Salvadoran government now has 700 coins.
El Salvador has decided to purchase the dip
El Salvador’s president, Nayib Bukele, said early Monday that his country had acquired another 150 bitcoins. On September 7, the country’s bitcoin law took effect, making the cryptocurrency legal money alongside the US dollar. “We just purchased the dip,” he tweeted. There are 150 new coins! El Salvador currently has 700 coins in its possession.”
“If you purchase the dips, they’ll never be able to defeat you… Presidential advice “He wrote further.
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El Salvador began buying bitcoin on September 6th, one day before the new bitcoin law went into force. Bukele said on Sept. 7 that his country has purchased a total of 550 bitcoins.
El Salvador Now Holds 700 BTC
El Salvador now has 205 cryptocurrency ATM locations, according to Coinatmradar.com, making it the country with the third-highest number of crypto ATMs, behind only the United States and Canada. According to rumors, the Salvadoran Court of Accounts is preparing to probe the government’s acquisitions of bitcoin ATMs and the installation of Chivo kiosks.
The Chivo wallet, which is the government’s bitcoin wallet, had a rough start. Bukele, on the other hand, said on Sept. 16 that the Chivo app is “already operating 100 percent.” According to estimates, if the Chivo wallet is used more frequently, remittance companies like Moneygram and Western Union may lose up to $400 million each year.
Bukele tweeted on Friday that the Chivo wallet is used by 1.1 million Salvadorans, but that “we haven’t enabled 65 percent of phone models yet.” He expressed his opinion.
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