El Salvador, a nation that recently became the first country in the world to recognize Bitcoin as a national currency, bought 420 Bitcoin (roughly $25 million USD) on Wednesday.
President Nayib Bukele, a vocal supporter of the cryptocurrency, tweeted about the country’s acquisition.
It was a long wait, but worth it.
We just bought the dip!
420 new #Bitcoin??
— Nayib Bukele ?? (@nayibbukele) October 27, 2021
“We just bought the dip!” he wrote, implying that the country bought the currency when it was down from its all-time high of $66,976 USD earlier this month. As of Wednesday evening, the coin was hovering around $58,700 USD.
Bukele announced that the country bought 200 Bitcoins in September, worth approximately $21 million USD at the time of purchase. According to Bloomberg, El Salvador has bought a total of 1,100 Bitcoins since then.
In June, Bukele pledged to give citizens $30 USD worth of Bitcoin when they sign up to the government’s new crypto wallet called Chivo in a bid to get more people to adopt the digital coin as currency.
The cryptocurrency received a major boost after the launch of its first U.S. exchange-traded fund earlier this month, which went live on the New York Stock Exchange under the ticker symbol BITO.
In other news, Tesla may soon accept Bitcoin as payment again.
