Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

El Salvador holds 400 bitcoin, price jumps

Published 07/09/2021, 10:15 am
Updated 07/09/2021, 10:22 am
© Reuters. FILE PHOTO: El Salvador President Nayib Bukele speaks during a news conference in San Salvador, El Salvador, June 6, 2021. REUTERS/Jose Cabezas/File Photo

© Reuters. FILE PHOTO: El Salvador President Nayib Bukele speaks during a news conference in San Salvador, El Salvador, June 6, 2021. REUTERS/Jose Cabezas/File Photo

SAN SALVADOR (Reuters) - El Salvador holds 400 bitcoins, President Nayib Bukele said on Monday, one day before the country formally adopts it as legal tender alongside the U.S. dollar.

Bitcoin temporarily climbed above 1.49% to more than $52,680 on Monday evening, Refinitiv Eikon data showed, with a Reuters market analyst putting it on track for $56,000-$56,300.

Earlier on Monday, Bukele unveiled that El Salvador had bought its first 200 bitcoins, saying on Twitter (NYSE:TWTR) that "our brokers will be buying a lot more as the deadline approaches."

Later in the day he said "we now hold 400 bitcoin".

© Reuters. FILE PHOTO: El Salvador President Nayib Bukele speaks during a news conference in San Salvador, El Salvador, June 6, 2021. REUTERS/Jose Cabezas/File Photo

El Salvador is due to legalize bitcoin on Sept. 7, a move that the popular Bukele said will save Salvadorans living abroad millions of dollars in commissions on money they send home.

But polls show Salvadorans are skeptical about using bitcoin, wary of the volatility of the cryptocurrency that critics say could increase regulatory and financial risks for financial institutions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.