Do you know that El Salvador was the first country to adopt Bitcoin as its national currency? Bitcoin El Salvador story dates back to September 2021. El Salvador president Nayib Bukele purchased 80 BTC on July 1 and increased the country’s bitcoin reserves to 2,381. At present, El Salvador’s total bitcoin holdings amount to $46.1 million, and there is a good chance that its BTC reserves would increase soon, given this country’s love affair with the king of all cryptos.
El Salvador Bitcoin Purchase Appreciated by Binance President
CEO of Binance Exchange Changpeng Zhao applauded El Salvador’s Bitcoin investment. He said that the bear market is the perfect time to buy cryptocurrencies.
Zhao referred to the past bear markets of 2018/2019 and stated that people who bought Bitcoin at that time have been doing well. For reference, the price of BTC in 2018/19 was $3000, and in 2014/15, it was $200. At the time of writing, the price of Bitcoin was 19,233.80, which is still well above the price in the bear markets cited by Zhao.
El Salvador President Happy to Buy Bitcoin Cheap
El Salvador president Nayib Bukele is not bothered by the dipping Bitcoin price in recent times. After buying BTC, he showed his gratitude to the crypto industry for selling Bitcoin at such a low price.
El Salvador, under the leadership of Bukele, has become a major crypto influencer. After seeing El Salvador adopt Bitcoin, many other nations have started following in its footsteps. For instance, the Central African Republic (CAR) has also made Bitcoin a legal tender. Moreover, many other countries have made their laws more Bitcoin-friendly after El Salvador adopted Bitcoin.
Currently, the Fear and Greed Index for Bitcoin shows a rating of 11, indicating extreme fear in the market about the first-ever cryptocurrency. Considering the wave of fear among crypto investors, we believe Nayib Bukele’s decision is extremely courageous. But whether it is right or wrong, only time will tell.