El Salvador adds in $15M in BTC and now holds over 2,300 tokens


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  • The Central American country currently holds 2,301 BTC
  • Despite the recent addition of Bitcoin, its use as fiat currency remains unpopular with Salvadorans

El Salvador’s President Naive Bukele remains adamant and sticks to his grand master plan for Bitcoin adoption. Earlier this week, the Central American country boosted its bitcoin position following another massive purchase during the recent market crash.

Second BTC purchase of the year

Tweeting the news on Monday, President Bukele confirmed that El Salvador added 500 BTC at $15.37 million, translating to an average price of $30,744. Notably, this made him a more attractive price level than the average price of $36,585 for his 410 Bitcoins added by the country in January.

“El Salvador just bought a dip! 500 coins at an average USD price of about $30,744.” President Bukele announced.

The latest addition brings El Salvador’s total Bitcoin reserves to 2,301 BTC.

Bukele has previously argued that adopting Bitcoin will benefit the country’s economic and political future, citing its reliance on the US dollar otherwise. Moreover, his decision to invest in a plummeting market is a bullish sentiment for top crypto tokens.

Abandoned Cibo wallet

President Bukele is a bitcoin fan, but his enthusiasm is not synonymous with being a citizen of his country.

More than six months into the BTC era in El Salvador, there is evidence that most citizens have not really embraced BTC. This is despite government efforts to use assets in settling payments for goods and services.

Chivo, a government-controlled wallet founded to power the use of cryptocurrencies, launched with the adoption of BTC and rewarded users with $30 for downloading the app.

This was meant to bolster cryptocurrency options, but according to a study conducted by the US non-profit National Bureau of Economic Research (NBER), most users abandoned their wallets once they ran out of rewards.

Every report The organization, announced last month by NBER, confirmed that only 20% of citizens are still using Chivo. Therefore, this asset class is already impractical as it was meant to serve the unbanked. This group of Salvadorans has opted to stick to the use of predominantly cash payments.

El Salvador has received considerable criticism for its adoption of Bitcoin, especially by international financial institutions such as the IMF, but Bitcoin fiat currency is turning into an attractive idea for other countries. The Central African Republic (CAR) recently approved the legal use of Bitcoin for transactions, alongside the CFA franc.


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Conor the Tech Veteran
He previously spent 6 years publishing research on tech stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Prior to a career in tech stocks journalism he was a technology and semiconductor analyst with a research team.

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