El Salvador, the country that made bitcoin legal tender alongside the US dollar, has bought more bitcoin. According to President Nayib Bukele, the Salvadoran government now owns 700 coins.
El Salvador buys the dip
El Salvador’s President Nayib Bukele announced early Monday morning that his government had bought 150 more bitcoins. The country’s Bitcoin law went into effect on September 7th, making the cryptocurrency legal tender next to the US dollar. He tweeted, “We just bought the dip. 150 new coins! El Salvador now holds 700 coins. “
“They can never beat you if you buy the dips … advice from the president,” he continued.
According to cryptocurrency ATM tracking website Coinatmradar.com, El Salvador now has 205 crypto ATM locations, making it the country with the third highest number of crypto ATMs, just behind the US and Canada. However, there are reports that the Salvadorian Court of Auditors planning to investigate the government’s Bitcoin ATM purchases and the construction of the Chivo kiosk.
The introduction of the government’s Bitcoin wallet, the Chivo wallet, was imminent rocky start. However, on September 16, Bukele claimed that the Chivo app “already works 100%”. According to reports, money transfer providers like Moneygram and Western Union could lose up to $ 400 million annually, if the Chivo Wallet is used more often.
On Friday, Bukele tweeted that 1.1 million Salvadorans are already using the Chivo wallet, adding that “we haven’t activated 65% of phone models yet”. He mean:
It seems we can bank more people in one month than they have nationalized and privatized traditional banks in 40 years.
What do you think of El Salvador buying more Bitcoin? Let us know in the comment section below.
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