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El Salvador Puts Money Into A Smokin’ Hot 420 Bitcoin Joint.

With this new acquisition, the Latin American country now has about 1,120 bitcoins in its cryptocurrency portfolio (BTC). El Salvador President, Nayib Bukele, tweeted earlier on Thursday that his administration has added 420 more Bitcoin (BTC) to the country’s cryptocurrency holdings, taking advantage of the current price dip.

“It was a long wait, but it was well worth it,” he said on Twitter. “We just received the dip!” he said. “We’re already earning a profit off the #bitcoin we just acquired,” he tweeted shortly after. The value of the country’s Bitcoin increased by about 0.4 percent, or $100,000, between the tweets.

Many observers speculated on the implications of El Salvador acquiring 420 BTC, a famous slang phrase for marijuana smoking, on the internet.

Reddit user u/EGarrett commented, “I’m starting to suspect he’s doing it on purpose.” “Actually, he was born in 1981, according to my study, therefore he most certainly is.” It’s interesting to see how the millennial generation is starting to inherit the globe.”

420 BTC is worth almost $24.6 million. The acquisition boosts the country’s total Bitcoin holdings to 1,120 BTC or around $87.4 million in value. The average purchasing price in the country is a little over $53,300.

El Salvador became the world’s first government to proclaim Bitcoin lawful money after purchasing two batches of 200 BTC on September 6 and another batch of 150 BTC the next day. On September 19, El Salvador bought another 150 bitcoins, increasing the country’s total holdings to 700 bitcoins.

Other analysts, on the other hand, were less enthusiastic about the new acquisition, raising worries about the country’s Bitcoin holdings’ security.

“Who has their private keys?” tweeted Twitter user Dolo Mite in response to Anthony Pompliano’s article announcing the 420-BTC transaction. The user pondered what would happen if the entire country was hacked.

El Salvador’s Central Bank Chief Douglas Rodriguez recently told Bloomberg that the Latin American government is continuing to invest in Bitcoin in the hopes of it shedding its speculative status and becoming a legal payment mechanism.

“We don’t feel there are any hazards,” Rodriguez said, adding that Bitcoin would “become a payment system, a form of financial inclusion.”

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