El Salvador’s big Bitcoin bet just got bigger! The country has significantly increased its Bitcoin holdings, now boasting over 6,000 BTC, worth a whopping $569 million.
A Massive Crypto Investment
President Nayib Bukele’s administration continues to double down on Bitcoin as a key treasury asset. This latest purchase represents a 108% increase in El Salvador’s crypto investment, bringing the total to 6,000.77 BTC. The average price paid per Bitcoin is around $45,450.
Joining the 6,000 Bitcoin Club
This puts El Salvador in some pretty elite company. It’s now one of only a handful of countries with over 6,000 Bitcoin in reserves, alongside the US, China, UK, Ukraine, and Bhutan.
A History of Bitcoin Buys
El Salvador typically bought around one Bitcoin per day. However, following a $1.4 billion deal with the IMF, the country made significantly larger purchases, including a $1 million crypto buy on a single day in December. Remember, El Salvador was the first country to make Bitcoin legal tender back in September 2021, starting with an initial purchase of 200 BTC. Despite some international criticism and the IMF’s suggestions to slow down, El Salvador’s commitment to Bitcoin remains strong.
Full Steam Ahead!
Despite facing criticism, El Salvador’s government, through its National Bitcoin Office Director Stacy Herbert, has confirmed that Bitcoin buying will continue, possibly even at an accelerated rate. They’re not planning on selling any of their BTC anytime soon. The country is committed to building its Bitcoin capital markets.
