The president of El Salvador, Nayib Bukele announced the purchase of 410 Bitcoin (BTC) for $15 million in the midst of a day of sharp declines in the cryptocurrency markets, as the flagship cryptocurrency trades below $37,000, last seen during July 2021.
<blockquote><em>“I was wrong, didn’t miss the Bitcoin dip. El Salvador just bought 410 BTC for only 15 million dollars, Some guys are selling really cheap,”</em> Bukele said in a Tweet on Friday.</blockquote>
https://twitter.com/nayibbukele/status/1484651539587289091

With the latest addition, the total Bitcoin holding of El Salvador stands at 1801 BTC, currently valued at about $66 million. A few hours before the announcement, news was also revealed that the government of El Salvador has <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-is-partnering-with-a-solana-based-lending-company-to-offer-crypto-loans-to-businesses-report-says/articleshow/89046614.cms" target="_blank" rel="nofollow noopener">planned</a> on offering small and medium-sized companies (SME) for $10 million in crypto loans during the first quarter of 2022.

Acumen, a Solana-based lending platform, will be financing the initiative of the National Commission for Micro and Small Businesses (CONAMYPE) with an annual interest between 6 percent and 7 percent with a maximum of 10 percent.

The platform will use stablecoins like USDC or USDT to Conamype which would then distribute to entrepreneurs through Banco Hipotecario, a government-owned bank. The entrepreneurs would then pay the loan and its interest in the U.S. dollars to the Mortgage Bank, which would then be in charge of paying the debt to Acumen.

In September, El Salvador became the first country in the world to adopt bitcoin as legal tender despite criticisms from global financial institutions like the IMF and World Bank. After the acceptance of BTC, the country announced tax exemption for foreign investors on BTC profits.

The President of El Salvador later pledged to build a tax-free Bitcoin City for certain crypto investors in addition to establishing geothermal bitcoin mining facilities to make the Central American country a global crypto mining hotspot.

El Salvador Just Bought 410 BTC for $15M

The president of El Salvador, Nayib Bukele announced the purchase of 410 Bitcoin (BTC) for $15 million in the midst of a sharp decline in the crypto market.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

El Salvador Just Bought 410 BTC for $15M

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