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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

El Salvador Buys 150 More Bitcoins, Western Union Profits at Risk

  • By Al Mayadeen
  • Source: Agencies
  • 20 Sep 2021 19:28
2 Min Read

El Salvador now owns 700 Bitcoins in total, and has launched its national Bitcoin wallet app - the Chivo app - which may cost Western Union and Moneygram $400 million annually.

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  • El Salvador Buys 150 More Bitcoins, Puts Western Union Profits at Risk
    El Salvador Buys 150 More Bitcoins, Puts Western Union Profits at Risk

After becoming the first country to render Bitcoin a legal currency alongside the dollar on September 7, El Salvador has announced that it has purchased even more Bitcoin. 

As the South American country previously owned 400 Bitcoin, El Salvador president Nayib Bukele announced that the country now owns 700, as he excitedly claimed to "buy the dip." 

Related News

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We just bought the dip.

150 new coins!

El Salvador now holds 700 coins.#Bitcoin🇸🇻

— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021

The father of all cryptocurrency has once surpassed $60,000 - Bukele made the announcement on early Monday morning, where the coin was priced at approximately $45,000. 

El Salvador is a country with one of the highest number of cryptocurrency ATMs - it comes third to the United States and Canada. According to countatmradar.com, El Salvador has 205 Bitcoin ATMs. 

The government coined the Chivo Wallet - El Salvador's Bitcoin wallet. The president announced that the Chivo app is completely functioning; however, this step has the potential to pose risk for other businesses. According to reports, money transfer giants like Western Union and Moneygram can lose up to $400 million a year if Chivo were to become popular. According to Bukele, 1.1 million civilians already use the Chivo wallet. 

  • El Salvador
  • Bitcoin

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