El Salvador, a pro-Bitcoin nation, has made significant progress toward obtaining the biggest cryptocurrency asset. On August 23, the republic purchased Bitcoin for the 160th day.
After deciding to accept Bitcoin as legal cash in 2021, El Salvador committed to buying 1 BTC per day on March 16 and has already purchased 160 BTC.
On November 17, 2022, Bukere initially promised to buy one bitcoin per day and to continue doing so until the asset’s purchase price using fiat became unaffordable. With a resounding win in his February reelection, he reiterated that he would start buying the asset again in March.
El Salvador began buying one bitcoin per day on March 16.
According to a post by Ember CN on X, the government’s cold wallet has successfully purchased one Bitcoin every day since March 16.
萨尔瓦多地址每天购买 1 枚 BTC 已持续超过 5 个月，增持 160 枚 BTC ($10.31M)。萨尔瓦多政府冷钱包地址从 3 月 16 日开始每天买入 1 枚 BTC，至今一直持续没有中断。到目前已持续超过 5 个月，增持 160 枚 BTC。目前萨尔瓦多政府持有的 BTC 数量为 5,850 枚 ($355.83M)，成本均价为… pic.twitter.com/RIHFfYrFZi
— 余烬 (@EmberCN) August 23, 2024
According to Arkham data, the El Salvador cold wallet currently contains 5851 BTC. Based on the current price of BTC on the market, their holdings were valued at around $355.4 million at the time of publication. At $44,835 on average, the acquisition cost is offset by a floating profit of $93.45 million (+35%).
Despite their unpredictable value fluctuations, the El Salvadorian government has been purchasing Bitcoins nonstop. According to data from CoinMarketCap, on March 16, Bitcoin was selling for $69,000.
Profitable Portfolio
El Salvador’s investment in Bitcoin has shown significant returns, with the nation’s portfolio currently holding an unrealized $93.45 million profit. In May, El Salvador developed a website that lets visitors track its Bitcoin balance to further increase openness. The platform provided real-time information on the nation’s Bitcoin balance and other on-chain transactions on the Bitcoin network.
Behind El Salvador’s thriving Bitcoin holdings lies Bukere’s ability to persevere amidst intense criticism. The International Monetary Fund (IMF) and traditional news organizations opposed the president of El Salvador’s announcement that the country would accept Bitcoin as legal cash.
Eighty thousand public employees to receive Bitcoin certification.
El Salvador was the first country to legalize Bitcoin, which became operative on September 7, 2021. Since they declared Bitcoin a legal tender, the government has been experimenting with various strategies to support the most significant cryptocurrency.
Additionally, the nation boasts a geothermal power plant powered by a volcano that powers Bitcoin mining equipment. According to earlier May statistics, more than 474 Bitcoin have been mined in El Salvador since 2021.
The country now intends to teach 80,000 public employees about Bitcoin. The National Bitcoin Office (ONBTC) announced this Bitcoin training and certification program and wants to introduce Bitcoin instruction into classrooms. The 160-hour training course under the new curriculum is divided into seven components.
The post El Salvador Has Hit 160 Days of Daily Bitcoin Purchases appeared first on Coinfomania.
