Nayib Bukele, the president of El Salvador, announced via Twitter the country purchased 200 new Bitcoin on Sept. 6 and an additional 150 Bitcoin on Sept 7, bringing the country’s total to 550 bitcoins.
Bitcoin is now legal tender in El Salvador alongside the U.S. dollar. The country announced plans to begin acquiring the cryptocurrency in June, reported CNN.
"Over 70 percent of the active population of El Salvador doesn't have a bank account. They're not in the financial system," said Jack Mallers, CEO of Strike, a digital finance company, said to CNN. "They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a Bitcoin plan to help these people."
Despite this new law, eight out of 10 Salvadorans say they have little or no trust in t