Earlier Thursday, El Salvador’s President Najib Bukele tweeted that his government took advantage of the recent drop in bitcoin (BTC) prices and added another 420 BTC to the country’s reserves.

He tweeted: “It took a long time to wait, but it was worth it, we just bought a pipe!”

He soon tweeted: “We are already making money from the #bitcoin we just bought.” Between tweets, the value of bitcoins in the country has risen by about 0.4%, or $ 100,000.

Many online viewers have wondered how important it is to buy El Salvador 420 BTC, which is a common slang term for marijuana use.

“Good – good! Smoke!” Reddit user u / theylie86 commented on this using another popular term in marijuana culture.

Reddit user u / EGarrett suggested, “I’m starting to think he’s doing this on purpose.” “Actually, now that I check to see if he was born in 1981, he probably is. It’s funny to see the results when millennials start to inherit the world. ”

420 BTC is worth approximately $ 24.6 million. As a result of this purchase, the total amount of bitcoins in the country reached 1,120 BTC, which is about $ 87.4 million. The national average purchase price is just over $ 53,300.

El Salvador bought two batches of 200 BTC on September 6 this year and took another batch of 150 BTC the next day, when it also became the first country in the world to legally request bitcoins. El Salvador bought another 150 bitcoins on September 19, bringing the country’s total holdings to 700 bitcoins.

However, other observers were less positive about the recent purchase and raised concerns about the safety of bitcoin holdings in the country.

Twitter user Dolo Mite responded to a tweet from Anthony Pompliano, who spread the news of his 420 BTC purchase, asking, “Who has their private keys?” The user also asked what would happen if the nation was hacked.

Read More: Latin America is expected to benefit the most from cryptocurrency, says Uphold CEO

El Salvador’s central bank governor Douglas Rodriguez told Bloomberg earlier this month that the Latin American country continues to invest in hopes that Bitcoin will soon lose its reputation as a speculative asset and become a legal payment system.

We see no risk. Perhaps the risk is on the rise, Rodriguez said, adding that bitcoin “will become a payment system, a financial inclusion system.”

Bitcoin price recently went down $ 58,570 after hitting an all-time high of $ 66,976 earlier this month. Despite the drop, the cryptocurrency is still growing 20% ​​since September 7.

Source: CoinTelegraph

LEAVE A REPLY