[ Forbes ] El Salvador Goes On A $21 Million Crypto Buying Spree As Bitcoin Becomes Legal Tender

El Salvador acquired roughly $21 million worth of bitcoin on Monday, President Nayib Bukele announced, buoying the crypto market ahead of making history Tuesday by becoming the first country in the world to formally adopt the digital currency as legal tender. 

El Salvador bought its first 400 bitcoins in two lots on Monday—worth an estimated $21 million based on bitcoin’s value at the time of the announcement—according to a series of tweets by Bukele.

Bukele said the country had plans to buy “a lot more” when announcing the first salvo of 200 bitcoins.

The purchase comes as El Salvador makes history as the first country to make bitcoin legal tender Tuesday.

The law enacting the change, approved by an overwhelming majority in June, places bitcoin alongside the U.S. dollar as El Salvador’s national currency.

Bukele said he hopes the initiative will boost foreign investment, financial inclusion and generate jobs, and bitcoin can be used to make purchases and pay tax. 

$30. That’s how much each citizen downloading the government bitcoin wallet, Chivo, will receive in bitcoin.