San Salvador: El Salvador holds 400 bitcoins, President Nayib Bukele said on Monday, a day before the country formally adopts it as legal tender with the US dollar.
Bitcoin temporarily climbed 1.49% above $52,680 on Monday evening, Refinitiv Eikon data shows, with a Reuters market analyst placing it on track for $56,000-$56,300.
Earlier on Monday, Bukele revealed that El Salvador had bought his first 200 bitcoins on Twitter, saying “our broker will be buying a lot more as the deadline approaches.”
Later in the day he said “we now have 400 bitcoins”.
El Salvador is due to legalize bitcoin on September 7, a move that the popular Bukele said would save millions of dollars in commissions on money sent home to Salvadorans living abroad.
But surveys show Salvadorans are skeptical about using bitcoin, wary of the cryptocurrency’s volatility that critics say could increase regulatory and financial risks for financial institutions.
read all breaking news, breaking news And coronavirus news Here