As per the latest on-chain data, El Salvadoran Government has been steadily accumulating 1 Bitcoin per day for the past five months. This has added 160 BTC to their holdings.
Data from Arkham Intelligence shared by analyst Ember CN has disclosed that El Salvador has never missed purchasing 1 Bitcoin every day since the past five months. This dedication has added 160 Bitcoin to their BTC holdings.
El Salvador buys 1 BTC every day since March 16
Ember CN mentioned in an X post that the government’s cold wallet hasn’t missed buying 1 Bitcoin every day since March 16.
According to Arkham data, the El Salvador cold wallet currently holds 5851 BTC. The value of their Bitcoin holdings was around $355.4 million at press time, as per the current BTC market price. The average cost of purchase is $44,835 and has a floating profit of $93.45 million (+35%).
Source: Arkham
The El Salvadoran government has been on a relentless BTC buying spree despite the volatile price action of Bitcoin. CoinMarketCap data shows that on March 16, Bitcoin was trading at the $69,000 level.
The following days witnessed the price move as high as $71,000 before plunging to a low of $49,000 earlier this month. However, just like Michael Saylor, the government stuck to their plan to scoop up 1 BTC per day.
El Salvador announces Bitcoin certification to 80,000 public servants
El Salvador is the first nation to legalize Bitcoin. The law legalizing BTC came into effect on September 7, 2021. Ever since they made BTC a legal tender, the government has been trying out multiple ways to promote the largest cryptocurrency.
The country also has a volcano-fueled geothermal power plant that runs a Bitcoin mining rig. Earlier reports in May revealed that El Salvador has mined more than 474 Bitcoin since 2021.
Now, the nation has announced plans to train 80,000 public servants about Bitcoin. The country’s National Bitcoin Office (ONBTC) announced this Bitcoin instruction and certification program. Additionally, they also plan to bring Bitcoin education to schools. The new program is a 160-hour training class that is segregated into seven modules.
Despite the recent volatile movement of Bitcoin, El Salvador has doubled down on its BTC strategy.
