El Salvador has acquired another 420 bitcoins

After the purchase, there are about 1120 coins on the balance of the state fund

29.10.2021 - 09:15

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What's new? The state fund of El Salvador was replenished with a large amount of the first cryptocurrency, 420 bitcoins were bought in total. The President of the country, Nayib Bukele, said this on his Twitter account.

It was a long wait, but worth it.We just bought the dip!420 new #Bitcoin🇸🇻— Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021

How is cryptocurrency used in El Salvador? The state fund buys more bitcoin at the moments of the rate drawdown, regularly replenishing its reserves. The last purchase took place at an average price of 50 218 for 1 coin. The fund currently has 1120 bitcoins at its disposal.

The state bitcoin trust stores not only bitcoins, but also US dollars. At times when bitcoin is growing and its value exceeds the dollar part of the trust, a surplus is created, which the authorities can use at their discretion. As previously stated, some of the profits received in El Salvador can be used for the construction of a veterinary clinic.

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