- El Salvador bought 500 Bitcoin at an average price of $30,744.
- The country now holds over 2300 BTC at an estimated amount of $71.7 million.
- President Nayib Bukele reveals his plan for the upcoming Bitcoin city.
El Salvador captures the cryptoverse spotlight once again as it buys the dip. The government bought 500 Bitcoin at an average price of $30,744. This made the country hold over 2300 BTC at an estimated amount of $71.7 million based on data provided by Bloomberg.
This made Nayib Bukele, president of El Salvador react in a tweet post,
El Salvador just bought the dip!500 coins at an average USD price of ~$30,744 #Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
Furthermore, following the acquisition of additional Bitcoins, the president of the country also reveals its plan about the upcoming Bitcoin city. In the tweet posted by President Bukele, he showed an image of a Bitcoin city in the country. The proposed Bitcoin city will be mostly green (trees) and blue (seas).
#Bitcoin City is coming along beautifully pic.twitter.com/A6ay8aAREW— Nayib Bukele (@nayibbukele) May 9, 2022
The country of El Salvador is known for its support for the technology of Bitcoin. In fact, it is one of the countries in the world that made Bitcoin a legal tender. As a result, this movement made by the country jump-started other countries to follow the steps made by El Salvador.
Today, there are already many countries across the globe that support cryptocurrencies. Singapore, Malta and Portugal are examples of countries that offer friendly crypto regulations. These nations mentioned above provide great benefits and opportunities to crypto financiers that are willing to invest in the country.
At the time of writing, Bitcoin trades at a decent price above $30K with a huge market cap of more than $600 billion. This market performance of the crypto places the coin above all the crypto assets in the space.