El Salvador’s President Naib Bukle confirmed on Twitter on Monday that the Latin American country had bought “a reduction in the price of Bitcoin”, exchanging dollars for Bitcoin at a time when he believed it was undervalued in the global market.
Bitcoin was priced at around, 45,700 at the time of Buccaneer’s tweet announcing the purchase from a height of close to 50,000 50,000 earlier in the week.
In September, the day before the official legal tender for Bitcoin was announced in El Sevalador, the president announced that the country had bought its first B00 BTC, at which time he said he planned to buy “much more” with government funds. With that historic announcement, El Salvador became the first country in the world to publicly place Bitcoin on its balance sheet.
The next day Bitcoin was declared a legal tender in El Salvador. Its price dropped from about 51 51,000 to 43 43,000 when President Naib Buckley again announced that El Salvador had bought the dive. Bring the country’s total bitcoin reserves to 400 to 550 BTC.
Monday’s purchase brought El Salvador’s bitcoin reserves up from 550 to 700 BTC, with a value of about, 31,198,397 at the time of writing.
Bitcoin prices continued to fall from around 7 7,700 after the announcement of the buckle by 6am EST on Monday.
The news comes at a time when international figures like Edward Snowden are urging countries to accept bitcoin. After El Salvador legalized Bitcoin, the famous whistleblower pointed out that Bitcoin favors those who accept it quickly, which puts pressure on other nations, which will be punished for lagging behind.
Laos and Ukraine are among the second countries interested in openly accepting bitcoin and mining bitcoin.
The world is watching this test, and bitcoins are eager to see which country will be after the adoption of bitcoin because countries are forced to compete or lag behind. The dilemma of game-theoretic prisoners has begun in global politics and the countries that first accept bitcoin get a big advantage.