El Salvador bought another 420 bitcoins

El Salvador’s president, Naib Buchel, tweeted earlier today that his government had taken advantage of recent Bitcoin price reductions and added 420 additional BTCs to the country’s stash.

“It was a long wait, but it’s worth it,” he said Tweets, “We just bought a dip!”

A little later He tweeted: “We are already making a profit # Bitcoin We just bought. ”In the time between the tweets, the country’s bitcoin price has risen about 0.4% or $ 100K.

Many viewers online have speculated about the significance of buying 420 bitcoins specifically for El Salvador, a popular pornographic term for cannabis use.

“Good! Burn it! “Commented Reddit user theylie86, using another popular term in marijuana culture.

“I’m starting to believe he’s doing it on purpose,” Reddit user EGarrett speculated. “Actually, now I’ve checked that he was born in 1981, so maybe he’s. It’s interesting to see the millennium results of starting to inherit the world.”

Four hundred and twenty bitcoins are worth about .6 24.6 million. The purchase brings the country’s total bitcoin amount to 1,120 BTC, valued at about .4 87.4 million USD. The country’s estimated average purchase price is just over $ 53,300.

El Salvador first bought two batches of 200 BTC on September 6 this year, snatching another batch of 150 BTC a day later, when it became the first country in the world to tender bitcoin legally. On 19 September, El Salvador bought another 150 BTC, bringing the country’s total holding to 700 BTC.

However, other observers were less positive about recent purchases, expressing concern about the security of the country’s bitcoin holdings.

Twitter user Dolomitehex In response to the president’s tweet, it was asked, “Who holds their private keys?” The user further asked what would happen if the nation was hacked.

User NoEnocWatcher Shared these concerns, adding that Bitcoin purchased using taxpayer money should be stored in a publicly disclosed entity.

Read more: Latin America will benefit the most from crypto, says Uphold Axis

El Salvador’s central bank chief, Douglas Rodriguez, told Bloomberg earlier this month that the Latin American country continued to invest under the expectation that Bitcoin would soon lose its reputation as a speculative asset and become a legitimate payment system.

“We do not see any risk. Probably the opposite risk, ”Rodriguez said. Bitcoin will be, “a payment system, a system for financial inclusion.”

The price of Bitcoin recently dropped to $ 58,570 after hitting an all-time high of $ 66,976 earlier this month. Despite the decline, the cryptocurrency is still up about 20% since September 7th.

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