- El Salvador’s Bitcoin reserve surpasses 6,000 BTC, valued at $569.3 million.
- The country ranks sixth globally in Bitcoin holdings, trailing only major nations like the US and China.
El Salvador has achieved a significant milestone, surpassing 6,000 Bitcoin (BTC) in its national reserves. On December 29, the country added one more Bitcoin, bringing its total holdings to 6,000.77 BTC, valued at $569.3 million, according to the National Bitcoin Office portfolio tracker.
This marks a 108.02% growth in El Salvador’s Bitcoin investment. The government purchased these holdings at an average price of $45,450 per coin. President Nayib Bukele initiated this journey in September 2021, making Bitcoin legal tender and acquiring the first 200 BTC.
Currently, El Salvador holds the sixth-largest Bitcoin reserves among nations. It trails behind the United States, China, the United Kingdom, Ukraine, and Bhutan. The country’s consistent Bitcoin purchases highlight its commitment to digital currency adoption.
El Salvador Sticks to Bitcoin Strategy
Despite international criticism, including from the IMF, El Salvador remains steadfast in its Bitcoin strategy. Stacy Herbert, Director of the National Bitcoin Office, suggested on December 19 that Bitcoin acquisitions could accelerate. The government has also clarified it will not sell its Bitcoin holdings.
The Chivo wallet, the country’s official Bitcoin wallet, will be phased out or sold. Private-sector wallets will replace it, ensuring seamless Bitcoin transactions for citizens. Meanwhile, the government’s $1.4 billion deal with the IMF is still pending approval, with negotiations complicated by Bitcoin-related policies.
Other countries are exploring similar Bitcoin reserve strategies. Ohio, Texas, and Pennsylvania have proposed adding Bitcoin to state reserves, reflecting its potential as an economic hedge. On the corporate front, companies like MicroStrategy and MARA Holdings continue expanding their Bitcoin portfolios.
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