El Salvador President Bucchere plans to increase bitcoin purchases to 20,000 BTC
El Salvador plans to purchase 20,000 bitcoins in addition to 5,994 #BTC IMF approves $1.4 billion loan with new conditions on bitcoin's role in tax payments IMF approves $1,4 billion dollars with new conditions regarding
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El Salvador announced plans to buy 20,000 more bitcoins. The company has announced plans to buy 20,000 more bitcoins. This will cement El Salvador's position as the first country in the world to accept the cryptocurrency as legal tender.
According to Max Kaiser, senior #bitcoin advisor to President Naïve Bukere, the country is increasing its daily bitcoin purchases. The country recently purchased 11 bitcoins worth US$1.16 million
the Central American country currently holds 5,994 bitcoins, which at current market prices is worth more than US$580 million
El Salvador's Bitcoin Executive Director Stacy Hebert confirmed on social media platform X that the government plans to add more bitcoins to its strategic reserve.
The purchase of 11 bitcoins (worth US$1.06 million) is the beginning of an ambitious plan to acquire 20,000 more coins.
The daily purchase strategy represents a shift from the previous purchase model. Under President Bouquere's leadership, El Salvador began buying bitcoins in September 2021, when it first declared the cryptocurrency legal tender.
Current issues show a profit on paper. The country acquired most of the bitcoins at low prices during the market downturn.
The size of El Salvador's planned acquisition of 20,000 bitcoins will make it one of the largest institutional holders of the cryptocurrency.
To that end, as Max Kaiser explained, El Salvador's total assets will amount to about 26,000 BTC.
At the current market price of about US$97,000 per bitcoin, the position is worth more than US$ 2.5 billion.
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