El Salvador has accumulated 400 Bitcoin just a day before the digital token is set to be accepted as legal tender in the country, Reuters reported.

  • President Nayib Bukele on Monday said the country acquired its first 200 Bitcoin, noting that the country will be acquiring “a lot more” before the deadline. He later said the holdings have gone up to 400 Bitcoin.
  • The country formally adopted Bitcoin on September 7, which Bukele said will drive millions worth of savings from remittance commissions for overseas Salvadorans. Residents remain skeptical of the digital coin, polls show.
  • Critics have flagged the volatility of the cryptocurrency in general, saying this could heighten regulatory and financial risks for local financial firms.

Bitcoin jumped 1.49% to reach $52,680 after the announcement, with analysts expecting the digital token to hit $56,00 to $56,300. BTC is down 1.24%.