Crypto News
24 Dec 2021

EI Salvador Bought 21 Bitcoins To Celebrate – 21st day of 2021 of the 21st century

Akumbenla Jamir

El Salvador does it again. 

This time they purchased 21 more bitcoins to celebrate the last 21st day of the year 21 of the 21st century. This brings their total number of bitcoins to a whopping 1391 bitcoins. 

The announcement was made via Twitter by the President of El Salvador through a series of tweets emphasising on the number 21

El Salvador
Source: Twitter
El Salvador buys more bitcoin
Source: Twitter

El Salvador has been hoarding bitcoins since September 2021, when it declared bitcoin as a legal tender alongside the US dollar.

Here is a timeline of El Salvador’s bitcoin purchases- 

  • They bought 400 bitcoins before the bitcoin law took effect. 
  • Following that, they purchased 300 more BTC. 
  • 420 BTC in October.
  • 100 more BTC in November.
  • 150 BTC in December.
  • The latest purchase of 21 BTC on 21st December 2021, brings the total number to 1,391 BTC.

El Salvador Is Introducing A New Economic Standard Based On Bitcoin

El Salvador has become a prominent name in the crypto space. The country aims for a thriving economy built on Bitcoin and its underlying technology. El Salvador’s president, Nayib Bukele, also announced plans to build an oceanside “Bitcoin City” at the base of a volcano in late November 2021. The city is expected to be entirely powered by renewable energy, with BTC serving as the primary means of exchange. 

El Salvador’s Bitcoin holdings are already generating revenue, with some of the proceeds going toward the construction of 20 schools and establishing a $4 million veterinary hospital. The country has further plans to buy another $500 million worth of bitcoin, funded by the issuance of $1 billion worth of tokenized bonds. 

Since they have developed a routine of purchasing Bitcoin to mark significant occasions and holidays, let’s see what the next purchase will commemorate. 

Let us know if you have any guesses. 

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Akumbenla Jamir

Content Writer

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