One Central American country has continued to invest in Bitcoin, as the country has boosted its Bitcoin reserves to over $500 million.
El Salvador purchased additional coins to increase its holdings to over 6,000 units, allowing the Central American country to join the 6,000 Bitcoin club.
Bitcoin investment increased by 108%
El Salvador’s President Nayib Bukele strengthened the matter further Bitcoin As the country’s primary treasury asset after boosting the country’s Bitcoin reserves.
It is a move that showed how El Salvador has embraced and adopted cryptocurrency in its treasury management strategy.
With the purchase, the National Bitcoin Office’s wallet tracker showed that El Salvador had accumulated Total 6,000.77 BitcoinThis brings the assets of the cryptocurrency treasury to $569.3 million.
Source: bitcoin.gob.sv
Data showed that the new Bitcoin acquisition gave El Salvador a 108.02% increase in its investment in cryptocurrencies. According to the country’s Bitcoin wallet tracker, El Salvador bought its Bitcoin assets at an average price of $45,450 per coin.
The 6000 Club
El Salvador now joins the elite group of countries with huge Bitcoin reserves.
“El Salvador has become the sixth country to currently hold more than 6,000 Bitcoin (BTC),” crypto analyst Whale Catcher said in a post.
Among the countries with significant Bitcoin holdings, El Salvador ranked behind the US, China, the UK, Ukraine and Bhutan, joining the elite club of governments adopting Bitcoin in their treasury strategy.
Historically, analysts said El Salvador typically buys one bitcoin per day. However, after concluding a $1.4 billion deal with the International Monetary Fund (IMF), the country purchased $1 million worth of cryptocurrencies in a single day, and repeated this massive purchase on December 22.
Nayib Bukele portfolio tracker.
El Salvador holds the record as the first country to declare Bitcoin as its legal tender. The country began adopting Bitcoin on September 6, 2021 after its government made an initial purchase of 200 virtual currencies. Since then, the Central American country has boosted its cryptocurrency holdings, despite the International Monetary Fund asking the country to slow down Bitcoin activity.
🇸🇻El Salvador secures a financing deal worth $3.5
➡️Bitcoin remains a legal tender
➡️El Salvador will continue to purchase Bitcoin (likely at an accelerated pace) for its Strategic Bitcoin Reserve
➡️Bitcoin capital markets will continue to build; For example, the recent Avatar release…– Stacy Herbert 🇸🇻🚀 (@stacyherbert) December 19, 2024
Bitcoin activity to follow
El Salvador may receive criticism from the international community for its Bitcoin reserve strategy, but it will not prevent the Bukele administration from boosting Bitcoin holdings in the country.
Director of the National Bitcoin Office in El Salvador, Stacy Herbert, reiterated the government’s commitment to moving forward with its investments in Bitcoin.
“El Salvador will continue to purchase Bitcoin (likely at an accelerated pace) for its strategic Bitcoin reserve,” Herbert said in a post.
The Central American country’s government has made it clear that it will continue its Bitcoin acquisitions and has no intention of disposing of its Bitcoin holdings.
Featured image from Gecos, chart from TradingView
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