💥💥💥 #ElSalvador continues daily #bitcoin☀️ acquisition amid market downturn
El Salvador Continues Daily Bitcoin Purchases Despite Market Decline
Bitcoin’s price has recently fallen amid increased selling pressure from Mt. Gox repayments and a challenging economic outlook. Nevertheless, El Salvador remains committed to its Bitcoin acquisition strategy, buying one Bitcoin ($BTC ) every day.
Data from BitInfoCharts shows that a cold wallet controlled by the El Salvador government has accumulated 1 BTC since mid-March. This was when President #NayibBukele transferred the country's BTC holdings to this cold wallet and disclosed the address publicly. At the time of the transfer, El Salvador held approximately 5,600 BTC, valued at over $400 million. Bukele referred to the wallet as El Salvador’s “first Bitcoin piggy bank.”
The March announcement was the first time Bukele publicly shared the country's Bitcoin wallet address, having previously only updated Bitcoin purchases through social media.
El Salvador’s daily Bitcoin purchases are part of Bukele’s strategy, announced in 2022, which began on November 18, 2022. This strategy followed the historic move in September 2021 when El Salvador became the first country to adopt Bitcoin as legal tender.
Bukele has stated that the country’s Bitcoin accumulation comes from various sources, including passport sales, currency conversions, mining operations, and other government services. As of May 15, 2024, Reuters reports that El Salvador has mined 473.5 BTC using geothermal energy from the Tecapa volcano.
Recently, El Salvador has revealed plans to enhance Bitcoin integration within its banking system. The government has proposed reforms to establish a private investment bank that would facilitate transactions in both Bitcoin and US dollars.
