The recent purchase brings the Latin American nation’s stash to about 1,120 BTC.
Salvadoran President Nayib Bukele tweeted earlier on Thursday that his government has taken advantage of the recent Bitcoin (BTC) worth drop and additional 420 further BTC to the nation’s stash.
“It was a long wait, however worthwhile,” he tweeted, “We just bought the dip!”
Shortly when, he tweeted, “We’re already creating a profit off the #bitcoin we have a tendency to simply bought.” throughout the time between the tweets, the worth of the country’s Bitcoin grew by around 0.4% or $100,000.
Many onlookers online have speculated on the importance of El Salvador getting 420 BTC specifically, that may be a standard slang term for marijuana consumption.
“Nice! blaze it!” commented Reddit user u/theylie86, using another standard term in marijuana culture.
“I’m starting to believe he’s doing this on purpose,” speculated Reddit user u/EGarrett. “Actually, now that I check he was born in 1981 now he probably is. Funny to see the results of millennials starting to inherit the world.”
The value of 420 BTC is regarding $24.6 million. the purchase brings the country’s total quantity of Bitcoin to 1,120 BTC, that is value regarding $87.4 million. The country has an calculable average price of simply on top of $53,300.
El Salvador initial purchased 2 batches of 200 BTC on Sept. 6 this year, snatching up another batch of a 150 BTC every day later, once it conjointly became the primary country within the world to create Bitcoin tender. On Sept. 19, El Salvador bought another 150 BTC, that brought the country’s total holdings to 700 BTC.
However, different observers were less positive regarding the recent purchase, expressing issues over the safety of the nation’s Bitcoin holdings.
Twitter user Dolo Mite replied to a tweet from Anthony Pompliano spreading the news of the 420-BTC purchase, asking, “Who holds their non-public keys?” The user conjointly asked what would happen if the state were to be hacked.
(Keira Wright, Cointelegrapg, 2021)