El Salvador is still getting more involved in the Bitcoin (BTC) industry. Since March, the country in Latin America has been purchasing one Bitcoin every day, with the goal of keeping up this trend until it becomes too expensive to purchase with fiat money. The country now has around 6,000 BTC in total Bitcoin holdings thanks to this scheme.
El Salvador Expands On Its Dream Of Bitcoin
Data from blockchain tracking company Arkham Intelligence shows that, beginning March 16, 2024, the Salvadoran government has been buying one complete Bitcoin per day. The nation of Central America now possesses 5,852 Bitcoin, valued about $377 million at the current price of $64,508 as of this writing.
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El Salvador took the lead on Bitcoin when it became the first nation in the world to accept the leading cryptocurrency as legal cash in September 2021. The cryptocurrency experiment made waves and propelled the nation’s specialized crypto tourism industry, but it also alarmed the IMF and drew criticism from certain El Salvadorans.
President Nayib Bukele’s dedication to his audacious Bitcoin plan is unwavering in the face of intense criticism; the ongoing acquisition has added 162 BTC thus far. The Salvadoran government is currently resting on unrealized profits of over $93.45 million, with an average purchase price of over $44,835 per Bitcoin, according to well-known crypto analyst EmberCN. This suggests that Bukele’s strategy is undoubtedly paying off.
El Salvador’s “Piggy Bank of Bitcoin”
El Salvador’s millennials mocking cryptocurrency Presidente recently revealed that a sizeable portion of his country’s Bitcoin treasure has been moved to an offline device kept in a real vault on the grounds of the country.
A significant step forward in Bukele’s financial plan is this decision to safeguard the cryptocurrency assets in a “Bitcoin piggy bank,” which guards against potential cyberattacks and shows a strong belief in the future of cryptocurrencies.
In addition to the direct Bitcoin purchases, El Salvador has demonstrated how creatively it may use cryptocurrencies for economic growth by investing in Bitcoin mining and utilizing the country’s abundant geothermal energy from volcanoes. Since 2021, El Salvador has mined up to 474 Bitcoin, which is valued at $29 million.
After winning by a landslide in February, Bukele was sworn in for a second five-year term as president in June, indicating that El Salvador will likely continue to accept Bitcoin.
The government is paving the way for other nations to follow suit as it advances its infrastructure for cryptocurrency and keeps up its acquisition program of Bitcoin, potentially completely transforming the global financial scene.
