El Salvador’s Unwavering Daily Bitcoin Purchases Continue for 665 Days, Holding $340 Million in BTC
El nation of El Salvador has been at the forefront of adopting Bitcoin as a legal form of tender. Despite the volatile nature of the cryptocurrency market, El Salvador has been steadfast in its strategy of acquiring 1 BTC daily for the past 665 days. This accumulation has led El Salvador to amass a total of 5,871 bitcoins valued at $341 million, with 3,046 BTC purchased at an average price of $43,888, as reported by on-chain analysis service Spot On Chain.
Bitcoin’s current trading price hovers around $58,200, having rebounded from a recent dip that saw its value drop from over $64,000 to below $53,000. Following the halving event in April, where the coinbase reward for miners was halved, Bitcoin has shown resilience in its value.
El Salvador’s commitment to Bitcoin is evident on its official Bitcoin website, showcasing a gradual increase in its BTC holdings. The country, covering an area of approximately 21,041 square kilometers, has transitioned from an agriculture-dependent economy to one focused on manufacturing and services, with the U.S. dollar as its official currency since 2001.
In a groundbreaking move in 2021, El Salvador declared Bitcoin as legal tender to attract investments and modernize its financial system under the leadership of President Nayib Bukele. Furthermore, in December 2023, a law was passed offering expedited citizenship to foreigners contributing Bitcoin to government initiatives, aiming to stimulate economic growth through foreign investments.
El Salvador’s proactive approach towards integrating Bitcoin into its economy has garnered attention globally. The country’s consistent accumulation of Bitcoin showcases a long-term commitment to digital assets and blockchain technology. As El Salvador continues to embrace cryptocurrencies, its innovative initiatives are shaping the future of financial systems and paving the way for broader adoption of digital currencies worldwide.
The country’s forward-thinking policies and strategic investments in Bitcoin highlight its vision for economic growth and technological advancement. With its unwavering dedication to digital assets, El Salvador is setting a precedent for other nations to follow in the realm of cryptocurrency adoption and blockchain integration.
