El Salvador, the first country to embrace the flagship cryptocurrency Bitcoin as legal tender, is still accumulating 1 BTC per day, regardless of whether the price of the cryptocurrency is moving up or down.
As first noted by on-chain analysis service Spot On Chain on the microblogging platform X (formerly known as Twitter), El Salvador has been stacking 1 BTC per day for the last 665 days to now hold 5,871 coins worth $341 million, with 3,046 BTC being known to have been bought at an average price of $43,888.
🇸🇻 El Salvador keeps stacking 1 #Bitcoin daily for the past 665 days, no matter the market!The government now holds 5,871 $BTC ($342M), with 3,046 $BTC publicly known to be bought at an average price of only $43,888.Follow @spotonchain and check out the #ElSalvador BTC wallet… pic.twitter.com/yeUgyqWfMV
— Spot On Chain (@spotonchain) September 12, 2024
Bitcoin is at the time of writing trading near the $58,200 mark after recovering from a sell-off earlier this month that saw it plunge form over $64,000 to a low under $53,000. The cryptocurrency underwent its halving event in April, which cut the coinbase reward miners receive per block found in half.
El Salvador’s own Bitcoin website shows that the country has been slowly adding BTC to its stash.
Source: Bitcoin.gov.sv
El Salvador is a very compact country, covering approximately 21,041 square kilometers (8,124 square miles). This makes it the smallest country in mainland Central America, roughly comparable in size to the U.S. state of New Jersey.
Its developing economy is transitioning from a reliance on agriculture to a greater focus on manufacturing and services, with the U.S. dollar being its official currency after being adopted in 2001. In 2021, the country made Bitcoin legal tender to attract investment and modernize its financial system in a move led by President Nayib Bukele.
El Salvador, in December 2023, approved a law granting expedited citizenship to foreigners who contribute Bitcoin to government social and economic programs, in an initiative aiming to attract foreign investment and stimulate economic growth.
Featured image via Pixabay.
