On Twitter, El Salvador’s President, Nayib Bukele, announced a new Bitcoin purchase. The government has additional 21 bitcoins, which are currently around $1 million.
“And we are buying 21 #bitcoin for the occasion 🥳 https://t.co/xKo80nhYOn” — Nayib Bukele 🇸🇻 (@nayibbukele) December 22, 2021
The country’s youthful leader said in late November that he had purchased $5.4 million in Bitcoin.
El Salvador became Bitcoin legal money in September, after accepting the US dollar as its official currency in 2001.
Despite widespread opposition to Bitcoin implementation and technical challenges with the government’s Chivo wallet, crypto advocates claim that the country’s major Bitcoin experiment could be a foreshadowing of things to come.
El Salvador plans to issue a $1 billion Bitcoin-backed bond in 2022 in collaboration with Blockstream. The move gets connection by critics to the government’s inability to acquire a $1.3 billion loan. Of course, from the International Monetary Fund (IMF). Which it is openly suspicious of the tropical nation’s bold Bitcoin bet. Analysts say that due to their low creditworthiness, Bitcoin bonds may make it more difficult for countries to obtain funds from traditional institutions.
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