The Central American country of El Salvador has added 410 Bitcoin (BTC) 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 that the purchase of 410 BTC was made against $15 million, placing the price at approximately $36,585 per BTC.
No, I was wrong, don't miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars
Some guys are selling very cheap โโ๏ธ https://t.co/vEUEzp5UdU
- Nayib Bukele (@nayibbukele) January 21, 2022
The Savior adopted BTC as legal tender on September 7, 2021, as a means to overcome catastrophic inflation amid weakening purchasing power of the nation. Fast-forward to today, the country has strategically amassed 1,801 BTC over the last four months, especially as the market sees a momentary 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 the $36,000 mark and the resulting sell-off, Bukele believes โsome guys are selling very cheap,โ supporting his long-term view of widespread Bitcoin adoption.
As evidenced by the data from Markets Cointelegraph Pro and TradingView, BTC saw a steady rise in prices since mid-July, resulting in an all-time high of nearly $69k in the first week of November. However, the following three months saw a sharp drop in market prices as investors redirected BTC gains into buying other tokens.
Related: Nations to Adopt Bitcoin, Cryptocurrency Users to Reach 1B by 2023: Report
A new report from Crypto.com predicts that the global crypto market will host one billion users by the end of 2022 as more developing countries follow El Salvador's move toward BTC adoption.
As Cointelegraph reported, Crypto.com estimates that โif we extrapolate a similar rate of increase in 2022, we are on track to hit 1 billion cryptocurrency users by the end of 2022.โ The report concludes that a combination of developing nations following El Salvador and a โfriendlier stanceโ towards the cryptocurrency industry means that โnations can no longer afford to ignore the growing push towards cryptocurrencies by the world.โ public".
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