El Salvador Buys 21 More Bitcoin After Gold Pivot
The post El Salvador Buys 21 More Bitcoin After Gold Pivot appeared on BitcoinEthereumNews.com. Key Takeaways El Salvador sparked debate last week after buying $50 million of gold The move enraged the Bitcoin community and undermined the country’s belief in the “digital gold” thesis Now, President Nayib Bukele announced that the country has bought 21 more BTC for Bitcoin Day. El Salvador just can’t stay out of the headlines. Last week, Crypto Twitter was buzzing about the country’s $50 million purchase of gold (and not in a good way). Now, just days after being at the wrath of Bitcoin maxis, El Salvador buys more Bitcoin. Just in case the Bitcoin community wasn’t sure, President Nayib Bukele reconfirmed the country’s commitment to digital gold. He has announced that El Salvador has bought another 21 BTC for “Bitcoin Day,.” This update has received immense traction and appreciation from the Bitcoin community on X. El Salvador Shocks Crypto Twitter with Gold Purchase For years, Bukele has delighted in his role as Bitcoin’s unofficial sovereign mascot. From posting about Bitcoin buys to declaring himself the “Dictator of El Salvador” in jest, he has consistently painted a picture of a future where Bitcoin underpins El Salvador’s economic destiny. That’s why last week’s announcement shocked the community, rather than hearing “El Salvador buys more Bitcoin.” El Salvador bought more gold. Not just a few bars, either. The postage stamp-sized Central American country sank a whopping $50 million into gold. The purchase marked the country’s first gold purchase in 35 years, increasing its holdings by almost a third. For a nation trying to diversify reserves and build credibility with traditional financial institutions like the IMF, gold made strategic sense. At the time of the purchase, gold was already enjoying a meteoric run. Spot prices had surged to an all-time high above $3,600 an ounce, propelled by jittery global markets, weakening fiat…
The post El Salvador Buys 21 More Bitcoin After Gold Pivot appeared on BitcoinEthereumNews.com.
Key Takeaways El Salvador sparked debate last week after buying $50 million of gold The move enraged the Bitcoin community and undermined the country’s belief in the “digital gold” thesis Now, President Nayib Bukele announced that the country has bought 21 more BTC for Bitcoin Day. El Salvador just can’t stay out of the headlines. Last week, Crypto Twitter was buzzing about the country’s $50 million purchase of gold (and not in a good way). Now, just days after being at the wrath of Bitcoin maxis, El Salvador buys more Bitcoin. Just in case the Bitcoin community wasn’t sure, President Nayib Bukele reconfirmed the country’s commitment to digital gold. He has announced that El Salvador has bought another 21 BTC for “Bitcoin Day,.” This update has received immense traction and appreciation from the Bitcoin community on X. El Salvador Shocks Crypto Twitter with Gold Purchase For years, Bukele has delighted in his role as Bitcoin’s unofficial sovereign mascot. From posting about Bitcoin buys to declaring himself the “Dictator of El Salvador” in jest, he has consistently painted a picture of a future where Bitcoin underpins El Salvador’s economic destiny. That’s why last week’s announcement shocked the community, rather than hearing “El Salvador buys more Bitcoin.” El Salvador bought more gold. Not just a few bars, either. The postage stamp-sized Central American country sank a whopping $50 million into gold. The purchase marked the country’s first gold purchase in 35 years, increasing its holdings by almost a third. For a nation trying to diversify reserves and build credibility with traditional financial institutions like the IMF, gold made strategic sense. At the time of the purchase, gold was already enjoying a meteoric run. Spot prices had surged to an all-time high above $3,600 an ounce, propelled by jittery global markets, weakening fiat…
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