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El Salvador’s President, Nayib Bukele, tweeted earlier today that his administration had taken advantage of the current Bitcoin price dip and added 420 more Bitcoin to the country’s reserves.
“It was a long wait, but worth it,” he tweeted, “We just bought the dip!” Shortly after he tweeted: “We’re already making a profit off the #Bitcoin we just bought.”
During the time between the tweets, the value of the country’s Bitcoin grew by around 0.4% or $100K. Many internet observers have speculated on the relevance of El Salvador acquiring 420 Bitcoin specifically, which is a famous slang word for marijuana consumption.
“Nice! blaze it!” commented Reddit user theylie86, using another popular term in marijuana culture. “I’m starting to believe he’s doing this on purpose,” speculated Reddit user EGarrett.
“Actually, now that I check he was born in 1981 so he probably is. Funny to see the results of millennials starting to inherit the world.” 420 Bitcoin is worth around $24.6 million USD.
The purchase boosts the country’s total Bitcoin holdings to 1,120 BTC, valued at around $87.4 million USD. The average buying price in the country is expected to be somewhat higher than $53,300.
El Salvador purchased two batches of 200 BTC on September 6 this year, followed by another batch of 150 BTC a day later, when it also became the world’s first country to legalise Bitcoin.
El Salvador purchased another 150 Bitcoins on September 19, bringing the country’s total holdings to 700 Bitcoins.
Story by : Norvisi Mawunyegah