El Salvador, under the leadership of President Nayib Bukele, has reaffirmed its commitment to Bitcoin by acquiring yet another BTC on Sunday. This latest purchase brings the nation’s Bitcoin holdings to an impressive 6,000.77 BTC, valued at approximately $566.56 million. This bold move places El Salvador among a select group of nations, including the U.S., China, Ukraine, the U.K., and Bhutan, that hold over 6,000 BTC as part of their government treasury.
The National Bitcoin Office of El Salvador confirmed the acquisition, noting that the single Bitcoin was purchased at $94,686. This milestone is a testament to President Bukele’s unwavering support for Bitcoin since his election. Data from his portfolio tracker reveals an all-time high gain of 107.53% on his Bitcoin investments, showcasing the financial impact of his long-term strategy.
El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender. President Bukele’s administration has since doubled down on its crypto-friendly policies. On November 17, 2022, he announced an ambitious plan to purchase one Bitcoin daily, a promise the government has diligently fulfilled.
Beyond acquisitions, Bukele has also championed sustainable Bitcoin mining using the country’s volcanic resources. His government has even floated the idea of “renting a volcano” to facilitate environmentally friendly mining operations. These initiatives underscore El Salvador’s vision of positioning itself as a global leader in Bitcoin adoption and innovation.
However, Bukele’s Bitcoin-centric policies have faced international scrutiny. Notably, the International Monetary Fund (IMF) has expressed concerns over El Salvador’s aggressive Bitcoin purchasing strategy. As part of a $1.4 billion deal, the IMF urged the country to cut back on its BTC acquisitions—a recommendation the Bukele administration has evidently disregarded.
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Despite the criticism, El Salvador remains resolute in its Bitcoin journey, solidifying its status as a trailblazer in national cryptocurrency adoption. With 6,000 BTC in its treasury, the Central American nation continues to inspire both curiosity and debate on the global stage.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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