In October, just after Sam Bankman-Fried’s FXT crypto exchange raised $420 million from 69 investors, the Salvadoran government made a large 420-BTC buy. In fact, according to some industry insiders, both utilised the term “420” to allude to cannabis culture slang for marijuana.
Latest BTC purchase, valued roughly $1,036,000
El Salvador’s government continues to commemorate major days by purchasing more Bitcoin (BTC). With President Nayib Bukele releasing a new 21-BTC acquisition on Tuesday.
Moreover, El Salvador’s latest BTC purchase, valued roughly $1,036,000 at the moment of typing, is to mark the “final 21st day of the year 21 of the twenty-first century”. And the scarcity of Bitcoin, as its supply is restricted to 21 million BTC, according to Bukele.
Purchasing Bitcoin is becoming a popular way for El Salvador to commemorate special milestones or to experiment with noteworthy figures. Additionally, according to CoinGecko data, BTC was trading just above $49,000 at the date of acquisition.
Purchasing Bitcoin has evolved into a means of honouring numerous events.
The country’s total area estimated to be roughly 21,041 square kilometres. Which Bukele believes is no coincidence that El Salvador was the first country in the world to embrace Bitcoin as recognized cash.
Furthermore, only after the government purchased its first 200 BTC in early September in conjunction with the adoption of Bitcoin as legal tender on Sept. 7, buying Bitcoin has progressively become a way of commemorating various occasions. And playing around with significant dates or figures in El Salvador.
In addition, El Salvador celebrated Black Friday on November 26 by purchasing 100 bitcoins for $54,000 each, totalling 1,220 bitcoins.