On Thursday (January 30), the president of El Salvador, which is the first country in the world to give Bitcoin legal tender status, disclosed his country\u2019s latest BTC purchase.<\/p>\n
As you may know, on 5 June 2021, Zap Solutions (a Bitcoin payments startup that uses the Lightning Network) Founder and CEO Jack Mallers announced at Miami\u2019s\u00a0Bitcoin\u00a02021\u00a0conference that El Salvador\u2019s government wanted to pass legislation to make Bitcoin legal tender (alongside the U.S. dollar).<\/p>\n
During his talk, an emotional Mallers presented a recorded video message from President Bukele and read out a small passage from the proposed bill. Mallers went on to say that his firm would be opening an innovations centre in El Salvador with the help of Blockstream.<\/p>\n
On 9 June 2021, this proposed bill got passed by the Legislative Assembly (with 62 out 84 voting in favor of it).<\/p>\n
Then, on 25 June 2021, Reuters published a\u00a0report\u00a0that said El Salvador President\u00a0Nayib Bukele\u00a0had announced during a national address on 24 June 2021 that \u201cBitcoin Law\u201d would become effective on 7 September 2021.<\/p>\n
On 6 September 2021, President Bukele announced that his country had bought its first 200 bitcoins and they planned to buy \u201ca lot more\u201d.<\/p>\n
Until yesterday, President Nayib Bukele had announced 10 purchases of Bitcoin since September 2021, with his country \u2014 according to a report published by CoinDesk on June 14 \u2014 estimated to have bought 2,301 bitcoins at an average price of $45,171 each, with the last BTC purchase\u00a0taking place on May 9, when El Salvador bought 500 coins at an average price of $30,744 each.<\/p>\n
Well, yesterday, El Salvador decided that Bitcoin at a price of $19,000 was too good a price to ignore, and so it bought 500 more bitcoins. The Salvadoran president then thanked those weak hands that had allowed his country to acquire more BTC so cheaply.<\/p>\n