The Central American country El Salvador has added 410 bitcoin (BTC) to its central reserve as the BTC price trades below $ 37,000, the price was last seen on July 26, 2021.
A replenishment of the BTC reserve in El Salvador was announced by President Neb Bukele, who confirmed that the purchase of 410 BTC was made for $ 15 million, bringing the price closer to $ 36,585 per BTC.
El Salvador used bitcoin as a legal tender on September 7, 2021 to fight catastrophic inflation as the nation’s purchasing power declines. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market is experiencing temporary price declines.
The latest purchase is currently El Salvador’s cheapest purchase since the country introduced BTC as a legal tender.
With BTC trading just over $ 36,000 and sales as a result, Bukele believes that “some players sell very low”, which supports his long-term vision of mainstream Bitcoin adoption.
Bitcoin price movement. Source: TradingView.
As seen above from Cointelegraph Markets Pro and TradingView data, BTC has shown a steady price increase since mid-July, leading to an all-time high of almost $ 69k in the first week of November. However, the following three months saw a sharp fall in market prices as investors redirected profits from BTC to buy other coins.
About the topic: Countries that will use Bitcoin and cryptocurrency will reach 1 billion by 2023: report
A new report from Crypto.com predicts that there will be one billion users in the global crypto market by the end of 2022 as several developing countries emulate El Salvador’s transition to mainstream BTC.
Monthly growth of cryptocurrency owners. Source: Crypto.com
As reported by Cointelegraph, Crypto.com estimates that “if we can extrapolate a similar growth rate by 2022, we could reach 1 billion cryptocurrencies by the end of 2022.” The report concludes that the combination of developing countries that follow El Salvador and their “friendly attitude” to the cryptocurrency industry means that “countries can no longer afford to ignore the public’s growing desire for crypto.”