El Salvador has joined the ranks of countries whose total Bitcoin (BTC) reserves have surpassed 6,000. El Salvador has become the sixth country to pass the 6,000 BTC threshold, following the United States, China, the United Kingdom, Ukraine, and Bhutan.$BTC
Bitcoin Purchases and Current Portfolio Value
El Salvador, which bought another Bitcoin on December 29, bringing its total to 6,000 BTC, is currently worth around $569.7 million. The country, which bought its Bitcoins at an average price of $45,465, has now made a 108.84% return on its investments. El Salvador began its Bitcoin purchases on September 6, 2021, with a purchase of 200 BTC. This came just after they became the first country to accept Bitcoin as legal currency. As of today, El Salvador is the sixth country with the most Bitcoin in the international arena.
Tensions with IMF and New Purchases
The Bukele administration has continued to increase its Bitcoin investments after reaching a $1.4 billion deal with the International Monetary Fund (IMF). Following this deal, El Salvador purchased $1 million worth of Bitcoin. Despite the IMF’s criticism of its Bitcoin strategy, the Salvadoran government has refused to back down from this policy.
The IMF’s approval would mark the end of four years of negotiations, but Bukele’s Bitcoin policies have still been criticized by the IMF for increasing the country’s financial risks.
El Salvador’s steps set an example for other countries in terms of national adoption of Bitcoin and are reshaping the cryptocurrency’s place in global financial strategies.