The government of El Salvador took the advantage in the latest significant correction in Bitcoin price.
El Salvador is the first country in the world, which adopted Bitcoin as a currency. In September 2021, the country introduced its Bitcoin law Act officially to give legal approval to Bitcoin as a legal tender. To bring bitcoin use in the payment system, the Country also launched its digital Bitcoin wallet Chivo, to allow the citizens to use the Bitcoin network to transfer funds and instant swap Bitcoin in US dollars.
El Salvador keeps buying Bitcoin for its government treasury funds. Since September 2022, the country has purchased Bitcoin many times during the significant correction in the crypto market.
On 10 May, Nayib Bukele, president of El Salvador, informed the crypto community that the country added more than 500 Bitcoins at an average price of $30,744.
So now the country holds around 2,301 Bitcoins, which is worth $71.7 million at the current price of Bitcoin. This latest Bitcoin buy by El Salvador is a hint that Bitcoin will no more go down. The current price of Bitcoin is $30,964 and this price is 19% down over the last 7 days’ trade price.
Central African Republic (CAR)
Just a week ago, the Central African Republic adopted Bitcoin as Currency but it seems that the country is not enough ready to use Bitcoin as currency because the country hasn’t yet announced its Bitcoin wallet, like El Salvador’s Chivo wallet.
And also CAR didn’t worked much to spread information about Bitcoin and its benefits among the citizens in advance.
Probably we have to wait to see CAR as a real bitcoin user country because here CAR is lagging much behind in the race of real Bitcoin adoption. The government also has not announced its Bitcoin ATMs plans to deploy in the country.