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Cryptopolitan 2024-12-28 23:01:15

El Salvador bolsters Bitcoin reserves to over 6,000 BTC, securing $569 Million in treasury asset growth

El Salvador bolsters Bitcoin reserves to over 6,000 BTC, securing $569 Million in treasury asset growth

El Salvador, the first country to have Bitcoin as legal tender, has boosted its Bitcoin reserves to over 6,000 BTC, leading to a $569 million increase in treasury growth. The latest move makes El Salvador the sixth country to hold over 6,000 BTC. The country in Central America bought one Bitcoin on December 29, bringing the country’s total to 6000.77 Bitcoin, which translates to $569.3 million, as shown by the National Bitcoin Office of El Salvador’s portfolio tracker . After the purchase, the country’s Bitcoin investment rose to 108.02%. The Nayib Bukele portfolio tracker further indicates that El Salvador acquired the digital assets at an average purchase price of $45,450 per Bitcoin. The country made its first Bitcoin purchase on September 6, 2021, when it bought 200 Bitcoins. It officially became the first country to declare Bitcoin a legal tender by then. The latest purchase solidifies crypto’s status as a treasury asset for President Nayib Bukele’s country. El Salvador accelerates Bitcoin purchases despite IMF warnings El Salvador ranks sixth among the countries that hold Bitcoin. According to BitBo’s Bitcoin Treasuries data, it falls behind the United States, China, the United Kingdom, Ukraine, and Bhutan. Although the country always buys a Bitcoin per day, it bought $1 million worth one day after striking a $1.4 billion deal with the International Monetary Fund (IMF) and again on December 22, despite the IMF requesting it row back some of its Bitcoin activity. The purchases are in line with El Salvador’s National Bitcoin Office Director Stacy Herbert’s statement on X on December 19, in which he indicated that the country would continue to buy Bitcoin at an accelerated pace. Bitcoin has led to financial freedom in the Central America’s country El Salvador is proud of the achievements associated with Bitcoin since it undertook the mission of stacking digital assets. It recently showcased those achievements in a meeting between Vice President Félix Ulloa Jr. and Zhang Yanhui, the Ambassador of the People’s Republic of China. During the meeting, the Vice President stated that Bitcoin made their country a symbol of financial freedom. He further clarified that the country’s Bitcoin reserve currently exceeds 6,217 BTC, valued at over $500 million. From Zero to Web3 Pro: Your 90-Day Career Launch Plan

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