El Salvador President Confirms The Country Bought 200 Bitcoin
Just days before bitcoin becomes legal tender in El Salvador the president announced that 200 BTC had been purchased by the country and that they intend to buy ‘a lot more’.
El Salvador is now the first country to add bitcoin to their balance sheet and keep it in reserve. This historic moment occurs just three months after El Salvador’s government voted to make bitcoin legal tender. It was finally signed into law. However, the official implementation will take place on September 7, 2021.
A country adding bitcoins to its reserves is making a strong bet on the country’s future. They are now growing and saving that wealth, even though there is only 21 million bitcoins. This money can’t be printed by any central bank or government. The President realized that bitcoin is the best way to store the country’s wealth, due to its incredible upside and increasing demand.
As El Salvador adopts a Bitcoin standard, game theory is at full swing. This raises the question: Who will buy BTC next? There has been a lot of interest from countries such as Panama, Colombia, Brazil and many others. The race is on for countries to acquire as many bitcoins as possible – or be left behind. It will be interesting to see which country buys the second and third most bitcoins, creating a domino effect that reaches all countries.
All eyes are on El Salvador and Bitcoin. The world is changing. The world of Bitcoin is not what it was when children were growing up. We are heading into a bright orange future.