El Salvador purchased a total of 21 Bitcoin (CRYPTO: BTC) on Sunday to celebrate the fourth anniversary of making the leading cryptocurrency legal tender in the country.
El Salvador Celebrates ‘Bitcoin Day’
President Nayib Bukele confirmed the news on X, stating, "Buying 21 bitcoin for Bitcoin Day," as he attached a snippet of the country's official Bitcoin treasury tracker.
The latest purchase of 21 BTC, worth $2.3 million, boosted the nation's Bitcoin holdings to 6,313.18 BTC, valued at $701.77 million at current prices. While El Salvador maintains its “one Bitcoin a day” approach, the latest buy increased its weekly total to 28 BTC.
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El Salvador’s Pioneering Push
El Salvador became the first nation to recognize Bitcoin as legal tender in 2021, positioning itself as a trailblazer in digital currency adoption. The country passed the Bitcoin Law in June 2021, and three months later, on September 7, it went into effect, establishing the legal tender status.
The country has since stepped up efforts in integrating the asset into its education, public administration and economic infrastructure. Last month, it became the first country in the world to introduce Bitcoin education to all students seven years or older.
El Salvador is also gearing up to host a two-day state-backed cryptocurrency conference, BITCOIN HISTÓRICO, in November.
However, the journey hasn't been as smooth as policymakers would have expected.
The Challenges
Bukele admitted last year that Bitcoin adoption hasn't been a "resounding success" and that he expected the results to be better.
Moreover, the International Monetary Fund had asked El Salvador to halt public sector Bitcoin purchases as part of a $1.4 billion funding deal earlier this year. While the country tweaked its Bitcoin law and made the acceptance of Bitcoin voluntary rather than mandatory, it hasn’t stopped its purchases.
Price Action: At the time of writing, BTC was exchanging hands at $111,192, up 0.36% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Joey Sussman on Shutterstock.com
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