El Salvador buys its cheapest 410 bitcoins, hits $36,000

Central American country El Salvador added 410 BTC (bitcoin) to its central reserve as the BTC price is below $37,000, which was last seen on July 26, 2021.

The new addition to El Salvador’s BTC reserve was announced by President Nayib Bukele, who confirmed the purchase of 410 BTC for $15 million, at around $36,585 per BTC.

savior Adoption of BTC as fiat currency on September 7, 2021, as a means of overcoming catastrophic inflation as the nation’s spending power weakens. Fast forward to today, and the country has strategically accumulated 1,801 bitcoins over the past four months, especially when the market sees an instant drop in price.

The latest acquisition is currently the cheapest in El Salvador since the country adopted BTC as legal tender.

With BTC trading just above the $36,000 mark and leading to a sell-off, Bukele believes “some are selling for very cheap,” which supports his long-term vision for mainstream Bitcoin adoption.

Bitcoin price action. source: Transaction view.

As evidenced by the data above Cointelegraph Market Pro The price of BTC has steadily increased since mid-July, leading to an all-time high of nearly $69,000 in the first week of November. However, market prices fell sharply over the next three months as investors redirected BTC profits to buying other coins.

related: Countries adopt Bitcoin, crypto users reach 1B by 2023: report

A new report from Crypto.com predicts that the global crypto market will have 1 billion users by the end of 2022, as more developing countries imitate El Salvador’s shift towards mainstream BTC adoption.

Monthly growth of cryptocurrency owners. Source: Crypto.com.

As Cointelegraph reported, Crypto.com estimated that “if we extrapolate a similar growth rate for 2022, we are on track to reach 1 billion crypto users by the end of 2022.” The report concluded that developing countries and The combination of a “friendlier stance” towards the crypto industry means that “countries can no longer ignore the growing public push for crypto.”