The government of El Salvador celebrated Bitcoin Day by purchasing the cryptocurrency worth $2,3 million at the current rate.
On September 7, 2021, El Salvador became the first country in the world to grant BTC the status of legal tender. Therefore, in honor of the fourth anniversary of this significant event, the country’s authorities bought 21 Bitcoin and thereby increased the stock of digital assets to 6,313 BTC worth $701,1 million.
El Salvador’s Bitcoin balance has increased in the past month
Last week, El Salvador’s central bank invested in gold for the first time since 1990, bought 13,999 ounces worth about $50 million. This has led to speculation that officials will stop investing in cryptocurrency and instead buy the precious metal. But the country’s authorities, led by Nayib Bukele, have dismissed this hypothesis.
As gold prices surge while BTC prices stagnate, economist Peter Schiff laughed over Bitcoin owners, who have made less profit this year than investors in the precious metal. However, for El Salvador, investing in cryptocurrency has proven to be productive. Since September 2021, when the government began buying coins, the state’s unrealized profit from investments in BTC has reached 131%, while gold has risen in price by 100% over the same period, so buying XAU has not been as profitable.