Market Times:

London:

New York:

Singapore:

Loading cryptocurrency data...

El Salvador Celebrates Four Years of Bitcoin Shopping With 21 BTC Purchase

Following a 400 BTC purchase, El Salvador adopted bitcoin as a legal tender on September 7, 2021, to kickstart its crypto reserve journey.

El Salvador on bitcoin

El Salvador has established itself as the world’s first country to adopt bitcoin as legal tender, and it has now entered the market with another strategic purchase of 21 BTC. Notably, this purchase marks four solid years of displaying unshakable confidence in the world’s leading cryptocurrency.

Additional 21 BTC to Celebrate

On September 6, 2021, El Salvador made its first purchase of 400 BTC worth $21 million at the time. The day after, on September 7, it enacted the Bitcoin Law, accepting the apex coin as a legal tender in the country. Thus, individuals and businesses in the country were allowed to process bitcoin transactions without capital gains tax.

Remarkably, since November 2022, El Salvador has adopted a culture of purchasing bitcoin daily to gradually boost its reserve, and it has continued this practice since then. Following in the same pattern, it acquired six bitcoins between Monday and Saturday. However, to mark Sunday as “Bitcoin Day,” it purchased 21 BTC worth over $2.3 million at an average price of $110,975 per bitcoin.

Concluding the landmark purchase on Sunday, The Bitcoin Country now holds 6,313 BTC, worth over $700 million, approximately 0.03% of the total number of bitcoins that will ever exist in human history.

El Salvador Enjoys Bitcoin Success 

Since El Salvador started purchasing bitcoin in 2021, it has maintained an average purchase price below the $50,000 mark. With BTC trading above the $100,000 mark, the country has enjoyed an unrealized profit of over 100% from its bitcoin treasury.

Meanwhile, in December 2024, El Salvador entered into a $1.4 billion loan agreement with the International Monetary Fund (IMF), which involved limiting its exposure to Bitcoin. Consequently, the country recently went silent about its plan to install a Bitcoin node in every home. Instead, the government approved a bill to make crypto adoption voluntary.

Following El Salvador’s bitcoin adoption and notable success, other countries have taken steps to join the trend by embracing BTC as a reserve asset. This includes the U.S. government, which recently signed an order to establish a strategic bitcoin reserve.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now

Samuel Wilfred