A Central American country continued to invest in bitcoin as the nation increased its btc reserves to over $500 million.
El Salvador purchased additional coins to increase its holdings to more than 6,000 units, allowing the Central American country to join the 6,000 bitcoin club.
Investment in btc increased by 108%
El Salvador President Nayib Bukele further solidified <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” rel=”nofollow noopener” target=”_blank”>bitcoin as the country's top treasury asset after bolstering the country's bitcoin reserve.
It is a measure that showed how El Salvador has embraced and embraced cryptocurrencies in its treasury management strategy.
With the purchase, the National bitcoin Office's portfolio tracker showed that El Salvador has accumulated a <a target="_blank" href="https://bitcoin.gob.sv/” target=”_blank” rel=”noopener nofollow”>total of 6,000.77 Bitcoinsbringing its cryptocurrency treasury asset to $569.3 million.
Source: <a target="_blank" href="https://bitcoin.gob.sv/" rel="nofollow noopener" target="_blank">bitcoin.gob.sv
The data showed that the new acquisition of bitcoin gave El Salvador a 108.02% increase in its cryptocurrency investment. According to the country's bitcoin portfolio tracker, El Salvador has purchased its bitcoin assets at an average price of $45,450 per coin.
The 6,000 club
El Salvador now joins an elite group of nations with huge bitcoin reserves.
“El Salvador has become the sixth country to currently hold more than 6,000 bitcoin (btc),” crypto analyst Whale Catcher said in a post.
Among countries with sizable bitcoin holdings, El Salvador fell behind the United States, China, the United Kingdom, Ukraine and Bhutan, joining the elite club of governments adopting btc in their treasury strategy.
Historically, analysts said El Salvador typically purchases one bitcoin a day. However, after reaching a $1.4 billion deal with the International Monetary Fund (IMF), the country purchased $1 million worth of cryptocurrency in one day, repeating such a large purchase on December 22.
Nayib Bukele portfolio tracker.
El Salvador holds the record of being the first nation to declare bitcoin as legal tender. The country began adopting bitcoin on September 6, 2021 after its government made an initial purchase of 200 virtual currencies. The Central American nation has since bolstered its cryptocurrency holdings, despite the IMF asking the country to slow down its bitcoin activity.
<blockquote class="twitter-tweet”>
EL SALVADOR SECURES $3.5 FUNDING DEAL
bitcoin remains legal tender
El Salvador will continue purchasing bitcoin (possibly at an accelerated rate) for its Strategic bitcoin Reserve
bitcoin capital markets will continue to be built; for example, the recent tokenized issuance…
– Stacy Herbert (@stacyherbert) <a target="_blank" href="https://twitter.com/stacyherbert/status/1869752262186217868?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>December 19, 2024
bitcoin activity will continue
El Salvador might be receiving criticism from the international community for its bitcoin reserve strategy, but that won't stop the Bukele administration from increasing the country's btc holdings.
The director of the National bitcoin Office of El Salvador, Stacy Herbert, reaffirmed the government's commitment to boosting its investments in bitcoin.
“El Salvador will continue to purchase bitcoins (possibly at an accelerated rate) for its Strategic bitcoin Reserve,” Herbert said in a post.
The Central American nation's government clarified that it would continue its bitcoin acquisitions and has no intention of dumping its btc holdings.
Featured image of Geckos, TradingView chart
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