Emily Walker
El Salvador, a Central American country, has further increased its investment in Bitcoin, boosting its BTC reserves to exceed $500 million.
The nation has acquired more coins, raising its total holdings to over 6,000 Bitcoin, officially making it part of the exclusive 6,000 Bitcoin club.
Bitcoin Investments Surge by 108%
President Nayib Bukele has reinforced the position of Bitcoin as the leading asset for the country’s treasury by augmenting El Salvador’s Bitcoin reserves.
This decision illustrates El Salvador’s commitment to integrating cryptocurrency into its financial management.
Following this acquisition, the National Bitcoin Office reported that El Salvador’s holdings have reached a total of 6,000.77 Bitcoin, equating its crypto treasury to approximately $569.3 million.
The latest Bitcoin purchase resulted in a remarkable 108.02% surge in El Salvador’s cryptocurrency investments. The nation has acquired its Bitcoin at an average price of $45,450 per coin, according to its portfolio tracker.
Joining the 6,000 BTC Club
El Salvador has now become a part of an exclusive group of nations with substantial Bitcoin reserves.
“El Salvador has emerged as the sixth country to hold over 6,000 Bitcoin (BTC),” noted crypto analyst Whale Catcher in a recent tweet.
In terms of significant Bitcoin holdings, El Salvador follows the United States, China, the United Kingdom, Ukraine, and Bhutan, entering the ranks of governments that include BTC in their treasury strategies.
Typically, reports suggest El Salvador purchases one Bitcoin daily. However, after finalizing a $1.4 billion agreement with the International Monetary Fund (IMF), the country made a notable purchase of $1 million worth of Bitcoin in a single day, replicating this large acquisition on December 22.
El Salvador has the distinction of being the first country in the world to recognize Bitcoin as legal tender. The nation began its journey into cryptocurrency on September 6, 2021, with an initial purchase of 200 Bitcoin and has since expanded its holdings despite requests from the IMF to temper its Bitcoin operations.
EL SALVADOR SECURES $3.5 BILLION FUNDING DEAL
Bitcoin remains legal tender
— Stacy Herbert
(@stacyherbert) December 19, 2024
Continued Commitment to Bitcoin
Despite criticism from the international community regarding its Bitcoin strategy, the Bukele administration remains steadfast in increasing the nation’s BTC holdings.
Director of the National Bitcoin Office, Stacy Herbert, reiterated the government’s dedication to its Bitcoin investment strategy.
“El Salvador intends to maintain its Bitcoin purchases (potentially at a quicker pace) for its Strategic Bitcoin Reserve,” Herbert stated in a post.
The government confirmed that it will persist with its Bitcoin acquisitions and has no plans to sell its BTC assets.
Image credits from Gecos, chart sourced from TradingView