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September 7, 2021 05:54 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/tP9SXt3MtII/el-salvador-bought-21-million-of-bitcoin-as-it-becomes-first-country-to-make-it-a-legal-cu
El Salvador Bought $21 Million of Bitcoin as it Becomes First Country To Make It a Legal Currency
El Salvador bought roughly $20.9 million worth of bitcoin, one day before it formally adopts the worldâ(TM)s most popular cryptocurrency as legal tender. From a report: In a series of tweets Monday, President Nayib Bukele revealed that the country had purchased a total of 400 bitcoin, the first step in a larger push to add the digital currency to its balance sheet. The tweets were posted a few hours apart. Based on the bitcoin price at the time of the tweets, the amount of the digital coin purchased totaled roughly $20.9 million. "Our brokers will be buying a lot more as the deadline approaches," he wrote. The price of bitcoin rose following the tweets and was trading at around $52,681.85 at 12:16 a.m. ET Tuesday. The posts came hours before El Salvador's bitcoin law, which was passed in June, took effect Tuesday. El Salvador is the first country to accept bitcoin as legal currency, which will work alongside the U.S. dollar. Proponents and critics around the world will be watching to see how this unprecedented experiment plays out.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/tP9SXt3MtII/el-salvador-bought-21-million-of-bitcoin-as-it-becomes-first-country-to-make-it-a-legal-cu
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