After Nayib Bukele, President of El Salvador, disclosed that El Salvador currently holds 400 Bitcoins, global adoption of Bitcoin received an important boost this week. El Salvador was the first country to recognize Bitcoin as legal tender.
“El Salvador just bought 200 new coins. Today, we now have 400 bitcoins,” Bukele shared today on Twitter. Bukele’s latest announcement received tremendous support from the crypto community.
“El Salvador holds 400 bitcoins, President Nayib Bukele said. Today, the country officially adopted bitcoin as its legal tender. “Congratulations to all Salvadorians. This is history in making,” Ciara Solar, Vice President of Global Business and Head of Listing & Investments, Huobi Global said.
A recent survey by the Central American University found that most El Salvador citizens are opposed to Bitcoin being used as a legal tender. Despite criticisms from leading financial authorities around the world, El Salvador still went ahead with its BTC plans, despite the results of the survey.
Bitcoin Price Impact
The most recent announcement from El Salvador had a positive impact on the price of Bitcoin. Bitcoin, the world’s biggest digital asset, climbed above $52,600 for its first time since May 2021. BTC’s total market capital now stands at $990 billion. This is just $10 billion short of the crucial $1 trillion mark. Bitcoin’s price saw a significant jump even before El Salvador’s announcement. In the past seven days, cryptocurrency prices have risen by more than 12 percent. BTC currently accounts for almost 42% of total crypto currency market capital.
Large amounts of the most valuable digital asset are held by institutions around the globe. Tesla purchased $1.5 billion worth Bitcoin earlier this year. MicroStrategy is a US-based business intelligence company that holds $5.5 billion of Bitcoin.