This article is also available in Spanish.
From making Bitcoin is legal tender In 2021, the government of El Salvador, led by President Nayib Bukele, has pursued a consistent strategy to accumulate Bitcoin. This Bitcoin hoarding strategy, which has paid off big, has continued to this day.
According to the latest data, El Salvador has now exceeded the limit of 6,000 BTC. This makes El Salvador the sixth country after countries such as the US, UK, and Bhutan to hold 6,000 BTC or more.
El Salvador’s Bitcoin Strategy Reaches New Milestone
Unlike countries like the US and the UK, whose Bitcoin is derived from assets seized by criminals, El Salvador’s Bitcoin holdings have been through consistent purchases. Notably, El Salvador’s deliberate and consistent approach to building a Bitcoin reserve has been the basis of President Bukele’s vision to establish the small Central American country as a country. a leader in the crypto industry.
Related Reading
According to data from the official Bitcoin portfolio tracker website of El Salvador, the country added another BTC to its holdings in the last 24 hours. This BTC was found at $94,702 and actually pushed the total holdings to 6,000.77 BTC.
Interestingly, a detailed look at the data shows that El Salvador bought about 50 more BTC since the beginning of December. This growth has been largely consistent with 1 BTC purchased each day, except for December 20 and December 22, which were highlighted by the purchase of 11 BTC.
At the time of writing, El Salvador’s Bitcoin stash is worth just over $570 million. This number has increased significantly in the last three months and could increase significantly in 2025. In particular, the Bitcoin portfolio of El Salvador. reached a maximum value for $643 million on December 17 when the price of Bitcoin reaches its maximum $108,135.
A photo from bitcoin.gob.sv
Outlook For El Salvador’s Bitcoin Stash
Despite the initial skepticism from international organizations and financial experts, this strategy seems to have given positive results in the long run, especially due to the increase in the price of Bitcoin this year. According to data from nayibtracker.com, El Salvador currently sits at $157 million in profits from its Bitcoin purchases, as it bought its 6,000 BTC at an estimated price of $45,465.
The first purchase of Bitcoin in El Salvador was made in September 2021 and currently shows no signs of stopping soon. However, the country did that reach an agreement most recently with the IMF to reduce its Bitcoin buying practices in order to get funding. Although this agreement was made on December 18, El Salvador doubled down and bought 11 more BTC after a few days.
Related Reading
At the time of writing, Bitcoin is trading at $95,030. Technical analysis suggests that the cryptocurrency is on a path to reach new rates in 2025, with higher target price from $150,000 to $1 million. This, in turn, will allow the value of El Salvador’s Bitcoin portfolio to continue to grow.
Featured image from Getty Images, chart from TradingView
Source link