Central American country El Salvador added 410 Bitcoin (Bitcoin) to its central reserve as BTC prices trade below $37,000, a price last seen on July 26, 2021.
The new addition to El Salvador’s BTC reserve was announced by President Nayib Bukele, who confirmed the purchase of 410 BTC was made for $15 million, putting the price at around $36,585 per BTC.
No, I was wrong, didn’t miss it.
El Salvador just bought 410 #Bitcoin for just $15 million
Some guys sell really cheap ♂️ https://t.co/vEUEzp5UdU
– Nayib Bukele (@nayibbukele) January 21, 2022
The saviour accepted BTC as legal tender on September 7th, 2021, as a means to weather catastrophic inflation amid the nation’s flagging purchasing power. To date, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market sees a temporary drop in price.
The latest purchase is currently the cheapest purchase for El Salvador since the country adopted BTC as legal tender.
With BTC trading just above $36,000 and the resulting sell-off, Bukele believes that “some people are selling really cheap,” supporting his long-term vision of mainstream Bitcoin adoption.
Bitcoin price movement. Source: trading view.
As evidenced by data from above Cointelegraph Markets Pro and TradingView, BTC saw a steady rise in price from mid-July, culminating in an all-time high near $69,000 in the first week of November. However, the next three months saw a sharp drop in market prices as investors diverted BTC profits into buying other tokens.
Related: Nations To Adopt Bitcoin, Crypto Users To Hit 1B By 2023: Report
A new report from Crypto.com predicts that the global crypto market will be home to one billion users by the end of 2022 as more developing countries mimic El Salvador’s transition to mainstream BTC adoption.
Monthly growth of crypto owners. Source: Crypto.com.
As Cointelegraph reported, Crypto.com estimates, “If we extrapolate a similar rate of growth in 2022, we are on track to hit 1 billion crypto users by the end of 2022.” The report concludes that a combination of developing countries following El Salvador and a “friendlier attitude” towards the crypto industry means that “nations can no longer afford to ignore the growing public push towards crypto.” .
