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El Salvador Goes Bitcoin Shopping, Buys 21 BTC

Central American country El Salvador seems to have developed a Bitcoin binge following several purchases of the asset since early September. Another purchase of 21 BTC— valued at $1.36 million— was made on Tuesday to celebrate the significance of the day. This joins the previous purchases which were made owing to the significance of each day.

Nayib Bukele, president of El Salvador has been at the helm of these purchases, which also represents a display of his love for the flagship cryptocurrency. El Salvador’s latest purchase was to mark the last 21st day of the year 21 of the 21st century, which was yesterday— Tuesday.

Announcing the purchase on his Twitter account, President Bukele noted that it was also to commemorate the limited supply of Bitcoin, pegged at 21 million BTC. Bukele also attributed the country’s entire size (21,041 square kilometres) to the asset’s total supply, saying that it was no coincidence that they both share a similarity since El Salvador was the first to adopt Bitcoin as a legal tender.

El Salvador’s latest BTC buy was made at the time the asset’s price was trading a little above the $49k mark. The price had moved to this point after a week-long lull previously.

The first Bitcoin purchase by El Salvador was on September 7, the same day its Bitcoin law became effective. Its Bitcoin wallet now contains a total of 1,291 BTC, valued at over $63.4 million based on the current price.

The central American country has formed a habit of purchasing Bitcoin on special occasions. It remains to be seen if another Bitcoin purchase will be made with only a few days to another auspicious occasion— Christmas.

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