El Salvador accumulates Bitcoin daily, reaching 5,871 BTC.
Mixed public adoption, with 88% of Salvadorans not using Bitcoin.
El Salvador has made headlines once again in the cryptocurrency world by consistently adding one Bitcoin to its national reserves every day for the past 665 days, regardless of market conditions. This accumulation strategy has brought the government’s Bitcoin holdings to 5,871 BTC, currently valued at approximately $342 million.
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
President Nayib Bukele’s administration began this daily Bitcoin purchase initiative in an effort to build a digital asset reserve while embracing Bitcoin as legal tender. Of the 5,871 BTC, 3,046 are publicly known to have been purchased at an average price of $43,888 each. Despite the volatile nature of the cryptocurrency market, the Salvadoran government has maintained its commitment to Bitcoin.
Bukele’s Bitcoin game started in September 2021, when El Salvador became the first country to officially adopt the cryptocurrency as legal tender. The move aimed to boost financial inclusion in a country where 70% of the population does not use traditional banking services, reducing reliance on remittances.
However, Bitcoin’s adoption in the country has faced challenges. A survey conducted by the University Institute for Public Opinion revealed that 88% of Salvadorans have yet to use cryptocurrency. Despite this, Bukele remains steadfast, noting in a recent interview that while Bitcoin hasn’t achieved widespread adoption, it has benefited those who chose to embrace it.
Long-Term Confidence In Bitcoin
El Salvador’s strategy has also drawn attention from international institutions, particularly the IMF, which has raised concerns about potential risks but agreed to a preliminary loan deal with the country in August 2023. For now, El Salvador continues to stack Bitcoin, making a long-term bet on the cryptocurrency’s future as a key component of its economic strategy.
El Salvador’s bold Bitcoin strategy reflects its unwavering belief in cryptocurrency’s potential, despite mixed adoption and international scrutiny.
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