With the crypto market slowly hoping to see a crack in the crypto winter scenario, crypto whales are taking an interest in acquiring cryptos for their portfolios. Making a decision that would awe the world, El Salvador made Bitcoin its legal tender in September 2021!
Moving forward with their decision, the President, Nayib Bukele tweeted yesterday that El Salvador purchased 80 additional bitcoins, making it a total of 2381 BTC now held by the country. The recent Bitcoins acquired by El Salvador were bought at a value of $19,000 each!
The ‘cheap’ price of the crypto asset has found a place in Nayib Bukele’s Twitter announcement, where he mentioned that, ‘Bitcoin is the Future!’ moving on to add a thank you note with a wink emoji! “Thank you for selling cheap.”
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
As stated on various other purchase announcements by Bukele, so far on Twitter, it appears that El Salvador has bought at least 2,381 Bitcoins to date. However, the country’s current Bitcoin balance has not been confirmed via other means. The Block reported, ‘While El Salvador has indicated that it is holding onto its bitcoin purchases, the country’s finance minister Alejandro Zelaya said in early June that the country had previously sold a part of its bitcoin to fund the Chivo Pets pet hospital, but that it is keeping the coins it is purchasing now. Last October, Bukele said the country was not selling any bitcoin for the project, indicating that Chivo Pets would be funded by a surplus in a government trust fund due to the rising value of bitcoin.’
Source: The Block
What is Bitcoin?
Launched by mysterious Satoshi Nakamoto in 2009, Bitcoin is a decentralized, digital currency that uses peer-to-peer technology to carry out transactions without the interference of a central authority like banks.
The virtual currency was been built after the great collapse of the economy post the 2008 financial crisis. Unlike the bank’s ledger, Bitcoin’s ledger is outspread to every node (or computer) connected to the network. Therefore, making the network completely decentralized and irreversible.
To put it in a nutshell, Bitcoin (BTC) is the first of many digital crypto assets that we see today. It is a decentralized digital asset that was originally described in a white paper in 2008 by a person or a group of people commonly known as Satoshi Nakamoto. Nakamoto’s stated goal was to create “a new electronic cash system” that was “completely decentralized with no server or central authority.” Satoshi had a plan for peer-to-peer electronic cash that would not have properties of the fiat currency. The entire system of bitcoin functions due to the efforts put in by a group of people known as miners. It was in 2009 that the Bitcoin cryptocurrency was finally launched.
Check out latest BTC Price, Charts & Data.
What makes Bitcoin Unique?
Though Ethereum and the series of altcoins that followed soon after Bitcoin was introduced to the world have many conceptual similarities. However, few things are always going to set Bitcoin apart.
- It is the first-ever crypto token to appear in the market, in 2009.
- It has created a conceptual as well as technological shift leading to the next evolution of the Finance systems of the world as we know it.
- Bitcoin pioneered the idea of money being sent and received across the globe without going through intermediaries such as banks and other financial institutions.
| Launch Date | 2009 |
| Founders | Satoshi Nakamoto |
| Blockchain Protocol | Bitcoin Blockchain |
| Token Type | Native |
| Use Case | The first cryptocurrency, which is mainly used as a digital asset today. |
| Market Cap | $370,454,576,513 |
| Circulation Supply | 19,082,037.00 BTC |
| Consensus Method | Proof-of-work (PoW) |
MarketCap* and Circulation Supply** as of 1 July, 2022
Additional Read: BTC Price Prediction
How to invest in both Bitcoin(BTC)
Investing in crypto has never been simpler! You can explore the crypto space with the CoinDCX bitcoin investment app. It doesn’t matter whether you want to buy bitcoin or wish to set a watchlist for various other crypto assets.
Here are the 4 simple steps that you can follow to buy your first BTC!
- Sign up on CoinDCX
- Fill in the required details
- Complete your KYC
- Buy Bitcoin
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to support@coindcx.com.
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.
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