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El Salvador acquires first 400 Bitcoin

El Salvador's President, Nayib Bukele
El Salvador's President, Nayib Bukele

El Salvador officially becomes the third country in the world to buy Bitcoin as the nation also became the first country to officially make Bitcoin a legal tender, a move that the government believes will boost positivity in  the economy and society.

El Salvador’s president Nayib Bukele verified this on Monday in a tweet, stating that his government had purchased its first 200 Bitcoin (BTC) ahead of the September 7 rollout of a new law to make Bitcoin legal tender.

El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches, Bukele stated

He also confirmed the purchase of another 200 BTC in a tweet stating

El Salvador just bought 200 new coins. We now hold 400 Bitcoin.

Recall that  $150 million Bitcoin fund was passed last week by El Salvador’s Congress. The fund will be used to facilitate conversions from BTC to United States dollars as the new law takes effect.

The Development Bank of El Salvador (Bandesal) has been elected to oversee the Trust’s operation.

Earlier June of this year, El Salvador evolved as the first country in the world to recognize Bitcoin as legal tender,although the decision was met with applause by the Bitcoin community, the World Bank and International Monetary Fund warned that the new strategy isn’t a good notion. More recently, internal opposition, especially among retirees, saw hundreds across the country protest against the new Bitcoin Law.

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