El Salvador has acquired an additional 100 bitcoins

The funds have already flowed into the country's newly formed bitcoin fund

29.11.2021 - 09:15

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What’s new? El Salvador's President Nayib Bukele's official Twitter has posted news about the purchase of an additional 100 coins for the country's bitcoin fund.

El Salvador just bought the dip.100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻— Nayib Bukele 🇸🇻 (@nayibbukele) November 26, 2021

“One hundred extra coins acquired with a discount,” is how Bukele commented on the purchase, referring to the fall in the first cryptocurrency's exchange rate.

What is known about El Salvador's bitcoin fund? Currently, with the new bitcoin acquisition, there are 1220 coins on the balance sheet of the state fund. The profits from the rise in the exchange rate are used by the state to support social initiatives, including the construction of clinics and schools.

As previously stated, the President of El Salvador plans to raise $1 billion to create the world's first bitcoin city. The new metropolis will be built next to a volcano and its energy will be used for cryptocurrency mining.

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