El Salvador, under President Nayib Bukele, has boosted its Bitcoin acquisitions, purchasing 11 BTC for over $1 million on December 8. This significant buy deviates from its usual purchase pattern, as El Salvador increases its crypto portfolio. Plans to add 20,000 more BTC indicate a strong commitment to Bitcoin, seeking advantageous buying opportunities amidst U.S. Bitcoin sales.
El Salvador, the sole nation where Bitcoin functions as legal tender, has increased its Bitcoin purchases under the leadership of President Nayib Bukele. This development was corroborated by a tweet from the president, showcasing a screenshot of a significant acquisition made via El Salvador’s Bitcoin Office, providing transparency in their cryptocurrency activities.
On December 8, El Salvador acquired 11 BTC valued at over $1.047 million, diverging from its usual strategy of purchasing one Bitcoin daily. This substantial buy is part of a broader initiative to enhance their Bitcoin portfolio, with the government aiming to accelerate their acquisitions of this leading cryptocurrency.
The December 8 acquisition marks El Salvador’s third substantial purchase since late December, following previous acquisitions of 11 BTC on December 20 and December 22. With this latest addition, the country demonstrates its commitment to accumulating Bitcoin, led by Senior Bitcoin Advisor Max Keiser’s assurance of targeting an additional 20,000 BTC in reserves.
Currently, El Salvador holds 6,022 BTC, estimated at $567 million based on prevailing market prices, having invested a total of $145 million in these assets, averaging $45,641 per Bitcoin. Over the last 30 days, the country has added 62.42 BTC, indicating an increase of approximately 33 BTC beyond its customary purchases, as President Bukele expresses a desire to acquire more at favorable prices.
Recent developments regarding prospective Bitcoin sales by the United States have piqued Bukele’s interest, suggesting potential purchasing opportunities. A federal court has permitted the Department of Justice to sell 69,370 BTC, valued at $6.5 billion, seized during the Silk Road takedown.
This news emerges shortly before the inauguration of pro-crypto President Donald Trump, who has pledged to refrain from selling America’s Bitcoin reserves, opting instead to acquire more as a strategic asset.
In conclusion, El Salvador has reaffirmed its commitment to Bitcoin by significantly increasing its purchases, underlining a strategic approach to cryptocurrency investments. President Bukele’s leadership continues to drive the nation’s engagement with Bitcoin, as illustrated by recent acquisitions and future plans. The potential for discounted purchases in light of U.S. Bitcoin sales further positions El Salvador to enhance its Bitcoin reserves substantially.
Original Source: thecryptobasic.com
