The Central American country continued to invest in Bitcoin as the nation increased its BTC reserves to over $500 million.
El Salvador purchased additional coins to escalate its holdings to over 6,000 units, allowing the Central American country to join the 6,000 Bitcoin club.
BTC investment increased by 108%
El Salvador’s President Nayib Bukele has further strengthened his position Bitcoin as the main assets of the country’s treasury after strengthening the national Bitcoin reserve.
It’s a move that showed how El Salvador has embraced and embraced cryptocurrency in its treasury management strategy.
Along with the purchase, the National Bitcoin Bureau’s portfolio tracker showed that El Salvador had accumulated approx a total of 6,000.77 Bitcoinsincreasing cryptocurrency treasury assets to $569.3 million.
Source: bitcoin.gob.sv
Data showed that Bitcoin’s recent acquisition gave El Salvador a 108.02% escalate in cryptocurrency investment. According to the country’s Bitcoin portfolio tracker, El Salvador purchased its Bitcoin assets at an average price of $45,450 per coin.
Club 6000
El Salvador now joins an elite group of nations with huge Bitcoin reserves.
“El Salvador has become the sixth country to now hold over 6,000 Bitcoin (BTC),” cryptocurrency analyst Whale Catcher said in a post.
Among countries with significant Bitcoin holdings, El Salvador has overtaken the United States, China, the United Kingdom, Ukraine and Bhutan, joining the elite club of governments that include BTC in their treasury strategy.
Historically, analysts have said that El Salvador typically buys one Bitcoin per day. However, after concluding a $1.4 billion deal with the International Monetary Fund (IMF), the country bought $1 million worth of cryptocurrencies in one day, repeating such a huge purchase on December 22.
Nayib Bukele portfolio tracker.
El Salvador holds the record for being 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 coins. The Central American nation has since increased its cryptocurrency holdings, even as the IMF asked the country to tardy its Bitcoin activity.
🇸🇻EL SALVADOR PROVIDES $3.5 FINANCING AGREEMENT
➡️Bitcoin remains legal tender
➡️El Salvador will continue to purchase bitcoins (at the accelerated pace possible) as part of its strategic bitcoin reserve
➡️Bitcoin capital markets will continue to be built; for example the recent tokenized issuance…— Stacy Herbert 🇸🇻🚀 (@stacyherbert) December 19, 2024
Bitcoin Activity To continue
El Salvador may face criticism from the international community for its Bitcoin reserves strategy, but this will not prevent the Bukele administration from increasing the country’s BTC holdings.
El Salvador’s National Bitcoin Office Director, Stacy Herbert, reaffirmed the government’s commitment to pushing for Bitcoin investment.
“El Salvador will continue to purchase bitcoin (at a likely accelerated pace) as part of its strategic bitcoin reserve,” Herbert said in the post.
The country’s government has clarified that it will continue Bitcoin seizures and does not intend to deprive its BTC holdings.
Featured image from Gecos, chart from TradingView
