El Salvador, the Central American country that legalized bitcoin last year, is multiplying the number of bitcoins in its coffers. Following the recent drop in bitcoin, El Salvador has bought a batch of 410 more bitcoin tokens for $15 million (about Rs 110 crore). Bitcoin prices have fallen from $42,270 (approximately Rs 30 lakh) to $35,000 (approximately Rs 25 lakh) in recent days. El Salvador’s President Nayib Bukele revealed the information on Twitter.
The 40-year-old President of El Salvador tweeted to his 3.4 million followers that some people are selling really cheap. This country now has more than 1500 Bitcoin It is estimated to be worth more than $ 50 million (about Rs 375 crore).
CoinMarketCap Bitcoin is at its lowest price ever in 2022 and is currently trading at $33,645.
The main reason for the crypto market crash last week is believed to be the proposal of the Central Bank of Russia. It has been said to ban crypto activities. Cryptocurrency prices have gone down quite a bit at the moment and most cryptocurrencies are showing signs of losses.
President Bukele, however, does not seem to be impressed by the volatility of bitcoin. Going forward, he may continue to hold on to his positive stance on bitcoin.
President Bukele is taking several initiatives to get the crypto accepted in the country. These include efforts ranging from the establishment of a bitcoin ATM to the creation of a bitcoin wallet named Chivo for El Salvador. Meanwhile, discussions are on to regulate the crypto sector in the rest of the world.
India and Russia are among the countries where proposals to ban crypto activities have reached their government in recent times.
Governments around the world have not shown a positive attitude over the past three months regarding other cryptocurrencies, including bitcoin. This is the reason why this currency has lost its value. According to data from CoinMarketCap, the current market cap of bitcoin is $665 billion (around Rs 50,56,000 crore), down from $1.3 trillion (around Rs 100 lakh crore) in November 2021.