El Salvador purchases $569 million worth of BTC, holding over 6,000 bitcoins
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El Salvador purchases $569 million worth of BTC, holding over 6,000 bitcoins
El Salvador is the first country to declare BTC as legal tender.
Navigating Web3 tides with focused insightsSource: bitcoinist
Translation: Blockchain Knight
Located in Central America, El Salvador has consistently invested in BTC and now holds a BTC reserve exceeding $500 million.
Recently, El Salvador purchased additional BTC, increasing its holdings to over 6,000 units.
President Nayib Bukele of El Salvador further solidified BTC's status as the country's primary treasury asset by strengthening the nation's BTC reserves.
This move signals that El Salvador has integrated crypto assets into its national treasury management strategy.
The National BTC Office's portfolio tracker shows that with this purchase, El Salvador has accumulated a total of 6,000.77 BTC, bringing its crypto asset treasury value to $569.3 million.
Data indicates that the newly acquired BTC increased El Salvador's crypto asset investment by 108.02%.
According to the country's BTC portfolio tracker, the average purchase price for BTC bought by El Salvador is $45,450 per coin.
El Salvador has now joined the elite group of nations holding substantial BTC reserves.
Crypto analyst Whale Catcher wrote in a post: "El Salvador has become the sixth country currently holding more than 6,000 BTC."
Among countries holding large amounts of BTC, El Salvador ranks after the United States, China, the United Kingdom, Ukraine, and Bhutan, joining an exclusive club of governments incorporating BTC into their fiscal strategies.
Analysts note that historically, El Salvador typically buys one BTC per day.
However, following a $1.4 billion agreement with the International Monetary Fund (IMF), the country made a one-day purchase of $1 million worth of crypto assets and repeated this large-scale acquisition on December 22.
El Salvador was the first country to declare BTC legal tender.
On September 6, 2021, the Salvadoran government made its initial purchase of 200 crypto units before officially adopting BTC.
Since then, despite IMF calls for the country to slow down its BTC activities, this Central American nation has continued to increase its crypto asset holdings.
El Salvador's BTC reserve strategy may face criticism from the international community, but this does not deter the Bukele administration from expanding its BTC holdings.
Stacy Herbert, Director of El Salvador’s National BTC Office, reaffirmed the government's commitment to advancing BTC investments.
In a recent article, Herbert stated: "El Salvador will continue purchasing BTC for its strategic BTC reserves."
The Salvadoran government clarified that it will continue acquiring BTC and has no intention of selling its current BTC holdings.
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