#El Salvador Adds 21 BTC to Reserves to Mark a Special Occasion

 

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IN BRIEF

El Salvador President Bukele announced that it had purchased 21 BTC on Dec 21.

This was to mark the 21st day of the 21st year of the 21st century.

El Salvador has also been working on its bitcoin infrastructure.

El Salvador has purchased 21 BTC to mark a special occasion of the 21st century. The purchase was simply a symbolic one and is dwarfed by much larger purchases made throughout 2021.

El Salvador’s President Nayib Bukele has announced that the country added more BTC to its reserves. The purchase was made on Dec 21, which saw 21 BTC bought at 21:00. The purchase was made to mark the 21st day of the year of the 21st year of the 21st century and is purely symbolic in nature

El Salvador has made multiple bitcoin buys in the past, and this one hardly compares in terms of volume. 21 BTC at the current market price amounts to just over $1 million. In October 2021, the country purchased 420 BTC while the market was down and hundreds of bitcoins before that.

This new purchase of bitcoin doesn’t really add a significant amount to the country’s coffers, but it does indicate how much conviction some of the officials have. President Bukele is the most prominent of these, and his words and actions have won both praise and criticism.

The country has taken several steps in the past few months to bolster the adoption of bitcoin. Bukele has upset many groups within and outside the country, but that has not stopped him from marching ahead with the adoption plans.

While the country takes several steps to improve infrastructure, its citizens feel ambivalent about the move. However, Bukele has shown confidence and says that bitcoin usage is exceeding expectations.

El Salvador’s citizens divided on BTC adoption

The country has been stepping up its pace in terms of infrastructure development. More than 200 bitcoin ATMs are believed to be operational in the country, and the Chivo wallet has crossed two million users.

But citizens are wary of these developments. Many had taken to the streets prior to the official adoption date to protest it, though it didn’t have much effect. Since then, Bukele and his team have only doubled down on their bitcoin expansion efforts.

Among the new changes that the country’s president is pushing for is a bitcoin city powered by geothermal energy. Some have called this plan absurd, but none of these criticisms seem to bother Bukele and the government.