El Salvador has bought $ 20 million worth of Bitcoin (BTC), as revealed in the Twitter profile of the president of the country, Nayib Bukele.
El Salvador bought 400 BTC
Bukele claimed that the government of El Salvador has bought 400 BTC. The purchase was made in preparation for the country's plans to convert the cryptocurrency into legal tender on September 7.
He pointed out that this is only the first purchase that El Salvador will make. In his Twitter message, Bukele explained that the country's brokers "will buy a lot more as the deadline approaches."
Presumably, the funds will go to the country's plan to deliver $ 30 worth of cryptocurrency to its citizens.
With 2.5 million users expected to download the country's Bitcoin wallet, today's purchase will only go part of the way towards the $ 75 million in Bitcoin needed to fund the program.
The price of Bitcoin rose slightly after Bukeke's announcement, going from $ 51,667 to $ 51,965 over the course of an hour. That change represents an increase of approximately 0.6%.
Bitcoin will become legal currency tomorrow
El Salvador will officially convert Bitcoin into legal tender tomorrow, September 7. If this is the deadline that Bukele is referring to, the country can buy more Bitcoin in the next 24 hours.
Although the country's decision to adopt Bitcoin has been well received by the crypto community, it has also seen a backlash from El Salvador itself. Last week, protesters criticized the cryptocurrency's price volatility and its use in criminal activities.
The country's plans to adopt Bitcoin as legal tender have been ongoing since the news was first announced in June.