El Savador purchase 80 BTC despite economic crisis
Hello lovely people of Hive community. Hopefully you will be enjoying your life with good health and spirit. Friends, El Salvador President Nayib Bukele romance with not new for crypto world. It was Bukele effort which made El Salvado the first country adopting BTC as a legal tender.
Bukele believe over BTC is firm despite massive dip in BTC price. President declared through tweet that country has purchased 80 more BTC. Prior to latest purchase El Salvador BTC telly was 2,301 at an average buying price of $45,154.
El Salvador economy heavily relying on foreign remittances. One of the reason of BTC adoption as a legal tender is making foreign remittances process more swift and strengthen country economy. However, experiment didn't work for country so far.
El Salvador has already invested $106.3 million in BTC ivnestment. Country BTC total telly is 2,381. At the time of writing BTC worth is $19,324 which make El Salvador BTC holding worth $46 Billion. Challenging time for El Salvador as investment has already more than $60 million dip.
El Salvador has to pay more than $1 Billion debt next year and currently investment on BTC is adding pressure on the BTC economy which has already under immense pressure.
Despite of big loss, Bukele is optimistic about BTC bright future. Overall, one can say a daring decision by El Salvador President after seeing global economic crisis. Let's see how crypto market behave in next few months.
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Posted Using LeoFinance Beta
