El Salvador, a Central American country, has added 410 Bitcoin (BTC) to its central bank as BTC values fall below $37,000, the lowest point since July 26th, 2021.
President Nayib Bukele revealed the latest contribution to El Salvador’s BTC reserve, confirming that 410 BTC were purchased for $15 million, putting the price per BTC at around $36,585.
El Salvador approved BTC as legal tender on September 7, 2021, as a way to combat catastrophic inflation and the country’s dwindling purchasing power. Today, the country has deliberately accumulated 1,801 BTC over the last four months, especially when the market experiences a brief price drop.
El Salvador’s most recent purchase is the cheapest it’s ever been since the country recognized Bitcoin as a legal tender.
With Bitcoin trading just above $36,000 and the ensuing sell-off, Bukele believes “some guys are selling really cheap,” bolstering his long-term goal of widespread Bitcoin acceptance.
BTC prices have been steadily rising since mid-July, as seen by statistics from Cointelegraph Markets Pro and TradingView, reaching an all-time high of about $69k in the first week of November. However, market values plummeted over the next three months as investors diverted their BTC winnings to other tokens.
According to a new forecast from Crypto.com, the global crypto industry will have one billion users by the end of 2022, as more developing countries follow El Salvador’s lead and accept BTC.
According to Crypto.com, if the growth rate continues at the same pace in 2022, we will have 1 billion crypto users by the end of the year. The analysis adds that, as a result of developing countries following El Salvador’s lead and adopting a friendlier approach toward the crypto business, countries can no longer afford to ignore the public’s growing interest in crypto.