El Salvador has successfully increased its Bitcoin reserves to over 6,000 coins, valued at $569 million, marking a 108% increase in investment. This move reaffirms Bitcoin as the country’s main treasury asset, as the government maintains its commitment to acquiring more Bitcoin despite external criticisms. El Salvador joins an elite group of nations with significant Bitcoin holdings, including the U.S. and China.
El Salvador has intensified its investment in Bitcoin, increasing its holdings to over 6,000 units, valued at approximately $569 million. This strategic move has solidified Bitcoin as the primary asset in the country’s treasury, showcasing El Salvador’s commitment to cryptocurrency in its fiscal management.
The recent acquisition represents a significant increase of 108% in El Salvador’s crypto investments, with the average purchase price per Bitcoin being $45,450. The National Bitcoin Office’s tracker confirms that the nation now possesses a total of 6,000.77 Bitcoin.
With this substantial holding, El Salvador has joined an exclusive group of countries possessing over 6,000 Bitcoin, among which are the United States, China, and the United Kingdom. Analysts note that El Salvador typically acquired one Bitcoin daily; however, following a $1.4 billion agreement with the International Monetary Fund (IMF), the country executed a significant purchase of $1 million worth of Bitcoin on December 22.
As the first nation to recognize Bitcoin as legal tender, El Salvador began its cryptocurrency journey on September 6, 2021, with an initial acquisition of 200 coins. Despite facing calls to moderate its Bitcoin activities from international bodies such as the IMF, the government continues to bolster its holdings.
Stacy Herbert, Director of the National Bitcoin Office, expressed that the Bukele administration remains committed to enhancing its Bitcoin reserve. Herbert stated, “El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve.” The government has reiterated its intention to proceed with its acquisitions without the intention of divesting any existing holdings.
El Salvador’s commitment to Bitcoin is evident in its substantial reserves, exceeding 6,000 units worth $569 million. This strategy not only exemplifies a significant embrace of cryptocurrency at a national level but also positions the country alongside others with considerable Bitcoin assets. Despite external pressures to limit its investments, the government indicates a determination to continue enhancing its Bitcoin holdings as part of its fiscal strategy.
Original Source: bitcoinist.com
