Government in El Salvador Buys More Bitcoins

El Salvador has its own way of celebrating things even if there is no event yet it has the ability to create one. On the 21st of December, 2021, El Salvador celebrated the 21st day of year 21 of the 21st century. Interestingly, the celebration involved purchasing at least 21 Bitcoins.

Since Bitcoin has been utilized in El Salvador as the ‘national currency’ under the ‘Legal Tender’, the state has bought 1370 Bitcoins. It was for the purposes of bringing Bitcoin into the state treasury that the Legal Tender was granted to Bitcoin in the first place.

The legal tender however implemented firstly on 7th September 2021. Since then, under the authorization of President Nayib Bukele, Government in El Salvador has been buying Bitcoins. Until 20th December 2021, the state treasury had a total of 1370 Bitcoins in its possession. But on 21st December 2021, a total of 21 units of Bitcoins have been further purchased and brought into the state treasury. As of 23rd December 2021, El Salvador’s Bitcoin treasury is full of 1391 BTCs.

As compared to El Salvador’s past purchases of Bitcoins, the recent purchase was however quite interesting. On the night of 21st December 2021, President Bukele posted a tweet at around 10:05 pm El Salvadoran time. In this tweet post, he said that it was the 21st day of December 2021. He then co-related the figure of 21 to suggest that the landscape of El Salvador is spreading over 21,000-kilometers. He then said that the year is 21 and luckily the century too in the 21st century. He concluded his tweet post by suggesting that he will be buying 21 Bitcoins at 2100 hrs exactly for celebrating the ‘21’ number phenomenon.

He later posted another tweet in which he attached receipt of the transactions carried out for acquiring 21 Bitcoins at 2100 hrs (GMT). While making purchase transactions of 21 Bitcoins, President Bukele however missed that number of transactions was less than 21 i.e. 17 only. It would have been better if the receipt showed exactly 21 transactions, noting a few of his followers on Twitter.

International monetary institutions such as IMF have been objecting to El Salvador losing trust in Bitcoin. IMF had been seen warning President Bukele that it is not wise to utilize Bitcoin as so-called “legal tender”. However, it seems that the luck is on the side of the El Salvadoran President. Whenever El Salvador has bought Bitcoins, coincidently Bitcoin was either facing a dip, or soon after the purchase its value surged. This time again was no different.

When El Salvador bought Bitcoins at 2100 hrs (GMT), the price of Bitcoin was US$ 48,418. As of 23rd December 2021 till 17:59 hrs GMT, a single unit of Bitcoin costs US$ 48,648. This means that from 2100 hrs on 21st till 18:00 hrs on 23rd, El Salvador has earned US$ 4,830 profit on investment.