The Central American country continued to invest in Bitcoin as the nation increased its BTC reserves to over $500 million.
El Salvador bought more coins to increase its reserves to more than 6,000 units, allowing the Central American country to join the 6,000 Bitcoin club.
BTC Investment Up 108%
The President of El Salvador Nayib Bukele reaffirmed Bitcoin as the main asset of the country’s treasury after strengthening the country’s Bitcoin reserves.
It is a move that shows how El Salvador has adopted and embraced crypto currency in its economic management strategy.
With the purchase, the portfolio tracking of the National Bitcoin Office showed that El Salvador has accumulated a total of 6,000.77 Bitcoin, which brings its cryptocurrency assets of the Treasury to $ 569,3 million.
Source: bitcoin.gob.sv
The data showed that the purchase of new Bitcoin gave El Salvador a 108.02% increase in its crypto investment. According to the country’s Bitcoin portfolio tracker, El Salvador bought its Bitcoin assets for an estimated $45,450 per coin.
The 6,000 Club
El Salvador now joins the elite group of nations with the largest 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 the largest number of Bitcoin Holdings, El Salvador follows the United States, China, the United Kingdom, Ukraine, and Bhutan, joining the elite club of governments that accept BTC in their treasury system .
Historically, analysts say that El Salvador usually buys one Bitcoin per day. However, after striking a $1.4 billion deal with the International Monetary Fund (IMF), the country bought $1 million worth of crypto in one day, repeating its largest purchase on December 22.
Nayib Bukele portfolio tracker.
El Salvador holds the record as the first nation to declare Bitcoin as its legal tender. The country began accepting Bitcoin on September 6, 2021 after its government first purchased 200 coins. Since then, the Central American nation has strengthened its crypto holdings, despite the IMF asking the country to limit its Bitcoin activity.
🇸🇻EL SALVADOR SECURES $3.5 CURRENCY
➡️Bitcoin remains legal tender
➡️El Salvador will continue to buy bitcoin (possibly at a faster pace) for its Strategic Bitcoin Reserve.
➡️Major Bitcoin markets will continue to be created; for example, recent token issuance…– Stacy Herbert 🇸🇻🚀 (@stacyherbert) December 19, 2024
Bitcoin activity to continue
El Salvador may be receiving criticism from the international community for its Bitcoin reserve strategy, but it won’t stop Bukele’s administration from increasing the country’s BTC currency.
The Director of the National Bitcoin Office of El Salvador Stacy Herbert confirmed the government’s commitment to push and invest in Bitcoin.
“El Salvador will continue to buy bitcoin (probably at an accelerated rate) through its Strategic Bitcoin Reserve,” Herbert said in the post.
The Central American nation’s government has made it clear that it will continue to buy Bitcoin and does not intend to release its BTC holdings.
Featured image from Gecos, chart from TradingView