El Salvador’s Bitcoin Stockpile Now Worth $377 Million As Nation Continues Daily BTC Acquisition Strategy ⋆ ZyCrypto
The post El Salvador’s Bitcoin Stockpile Now Worth $377 Million As Nation Continues Daily BTC Acquisition Strategy ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     El Salvador continues to deepen its engagement with the Bitcoin (BTC) market. The Latin American nation has been buying one Bitcoin every day since March, striving to continue this practice until it becomes unaffordable with fiat currencies. This plan has pushed the nation’s Bitcoin holdings to a substantial total of nearly 6,000 BTC. El Salvador Doubles Down On Bitcoin Dream According to data from blockchain tracking platform Arkham Intelligence, the Salvadoran government has been purchasing one full Bitcoin every day since March 16, 2024. As of this writing, the Central American nation holds 5,852 Bitcoin, valued at $377 million, at Bitcoin’s current price of $64,508. El Salvador’s pioneering stance on Bitcoin started in September 2021 when it became the first country in the world to make the preeminent cryptocurrency legal tender. The crypto experiment grabbed headlines and helped the country supercharge niche crypto tourism, but simultaneously spooked the International Monetary Fund (IMF) and was criticized by some Salvadorans. Despite facing harsh criticism, President Nayib Bukele’s commitment to his bold Bitcoin plan remains steadfast as the ongoing acquisition has added 162 BTC so far. Popular crypto analyst EmberCN noted that the Salvadoran government is currently sitting on unrealized profits of over $93.45 million, with an average purchase price of approximately $44,835 per BTC — suggesting Bukele’s strategy is certainly paying off. El Salvador’s ‘Bitcoin Piggy Bank’ El Salvador’s crypto-touting millennial Presidente recently disclosed that his government had transferred a significant chunk of its Bitcoin treasury to an offline device stored in a physical vault within the nation’s territory. Advertisement   This move to secure the crypto assets in a “Bitcoin piggy bank” marks a major step in Bukele’s financial vision, protecting the coins from potential cyber threats and reflecting strong faith in the cryptocurrency’s future. Besides the direct…
Filed under: News - @ August 24, 2024 8:26 pm