El Sarvador's President, Nayib Bukele, stated on Monday that the country now holds 400 bitcoins. The statement was made just a day before the country officially adopted bitcoin as its legal tender alongside the U.S. dollar.
On Monday evening, the price of bitcoin temporarily increased above 1.49% to over $52,680 per coin. Data from Refinitiv Eikon alongside a Reuters market analyst put the cryptocurrency on track for $56,000-$56,300.
Bukele also unveiled on Monday that El Salvador bought its first 200 coins of the cryptocurrency, saying that:
"our brokers will be buying a lot more as the deadline approaches"
He stated later in the day that:
"we now hold 400 bitcoin"
The President has stated that the move to legalise bitcoin will save millions of dollars in commissions on money that El Salvadorians send home from abroad.
Nevertheless, citisens remain skeptical of the move as the cryptocurrency is highly volatile and critics estimate that its use could raise regulatory and financial risks for financial institutions.
[h/t: Reuters]
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