El Salvador Buys 21 Bitcoin to Mark Bitcoin Day

El Salvador bought 21 Bitcoin on Sunday to celebrate the fourth anniversary of making Bitcoin legal tender in the country.

On X, President Nayib Bukele has confirmed this purchase, which was worth about $2.3 million. With this latest buy, El Salvador now holds a total of 6,313.18 BTC, valued at roughly $701.4 million. The country has been following a “one Bitcoin a day” approach, and this week’s purchases added up to 28 BTC.

El Salvador became the first country in the world to make Bitcoin legal tender in September 2021. The government has also encouraged Bitcoin through education, public services, and the economy. All students aged seven and up must now learn about Bitcoin.

Challenges and Ongoing Efforts

Despite the efforts, Bitcoin adoption has faced challenges. The IMF requested El Salvador to desist from public sector Bitcoin purchases in a $1.4 billion loan arrangement. Nevertheless, Bukele maintained the daily purchases, stating the nation will continue purchasing Bitcoin irrespective of global pressure.

El Salvador has just split its Bitcoin holdings into 14 distinct wallets to protect against potential threats like quantum computing attacks

The government calls September 7 “Bitcoin Day” to mark the anniversary of the Bitcoin law. In March, Bukele explained that they are not halting Bitcoin purchases and will be doing it again in the future just like they did when others left them behind.

In August, El Salvador approved a new bill enabling big financial institutions with a minimum of $50 million in capital to provide Bitcoin and other digital asset services. The services are provided for investors who have more than $250,000.

Also Read: El Salvador to Host First Government-Backed Bitcoin Conference