The history of Bitcoin is marked by certain iconic milestones in its growing adoption. Among these is El Salvador and its 2021 Bitcoin law, which aims to make BTC legal tender. This event has just been celebrated with a symbolic purchase of 21 BTC.
El Salvador: Bitcoin law celebrates its 4th anniversary
In its 16 years of existence, Bitcoin has already achieved many decisive and historic milestones. Among these, its adoption by the small Central American country of El Salvador in 2021 holds a special place, as it officially validated the monetary status of BTC.
At that time, its young president, Nayib Bukele, decided to introduce a Bitcoin law designed to make BTC legal tender for the population, while also initiating a policy of de-dollarization of the economy.
This initiative will clearly not be welcomed by everyone, as the International Monetary Fund (IMF) will very quickly attempt to throw a spanner in the works, using a $1.4 billion loan as leverage. Among its demands is a complete halt to the regular purchases of BTC by the Salvadoran government.
However, the momentum of Bitcoin accumulation set in motion by Nayib Bukele seems to be continuing, despite the IMF’s statements to the contrary. Proof of this is the latest highly symbolic purchase of 21 BTC made on the anniversary of September 7, marking four years since the Bitcoin law came into effect.
Buying 21 bitcoins for Bitcoin Day.
Nayib Bukele
El Salvador: a symbolic purchase of 21 BTC
The information comes from Nayib Bukele’s official X account. At issue is a $2.3 million purchase of BTC, the date of which is far more important than the amount, which is relatively modest compared to a national portfolio currently estimated at over $700 million (6,313.18 BTC).
This is a highly symbolic move, considering that the acquisition involves the very exact sum of 21 BTC. Why this amount? Quite simply to represent the maximum available supply of Bitcoin set in its white paper at 21 million units, which is the basis of its scarcity principle.
Could this be a way for Nayib Bukele to reaffirm his pro-Bitcoin stance in the face of persistent pressure from the IMF? It’s possible, considering that a few weeks ago, El Salvador authorized the opening of private investment banks backed by BTC on its territory, capable of escaping the control of central banks.
Will these 21 BTC be incorporated into one of the many Bitcoin wallets recently deployed by El Salvador to deal with a possible quantum threat? Or will they remain as a symbolic sum in their own right, recorded on an address on its blockchain? Either way, El Salvador is still buying BTC!
