El Salvador buys 400 bitcoins on Monday, a day before the country formally adopts it as legal tender alongside the U.S. dollar.
- Bitcoin edged up over 1.49% to over $52,680 on Monday, according to Refinitiv Eikon, with Reuter’s market analyst placing it on the track for $56,000-$56,300.
- Earlier on Monday, President Nayib Bukele announced that El Salvador had purchased its first 200 bitcoins, stating on Twitter that “our brokers will be buying a lot more as the deadline approaches.”
- Later on Monday, he stated that “we now hold 400 bitcoin.” El Salvador legalized bitcoin on September 7, a move that Bukele hopes will save Salvadorans living abroad millions of dollars in commissions on the money they send home.
Meanwhile, polls show that Salvadorians are uncertain about using bitcoin, concerned about the volatility of the cryptocurrency that could increase regulatory and financial risks for financial institutions.
BTC USD down -3.44%Source: Reuters