Salvadoran President Nayib Bukele is doubling down on his country’s ambitious bet on Bitcoin, announcing that El Salvador will continue buying one BTC per day until the cryptocurrency becomes too valuable to purchase with fiat currencies. This bold strategy underscores the nation’s steadfast belief in Bitcoin’s long-term potential.
In September 2021, El Salvador made headlines as the first country to adopt Bitcoin as legal tender, alongside the US dollar. Ignoring warnings from the IMF, the government has aggressively pushed to weave BTC into the national economy. The “1 Bitcoin per Day” initiative, launched in November 2022, is a clear testament to this vision, aiming to build substantial BTC reserves over time.
These daily Bitcoin purchases are secured in the same wallet used for a significant portion of the country’s holdings. For enhanced security, El Salvador recently moved a large share of its Bitcoin to a cold wallet stored in a physical vault within the country.
El Salvador’s consistent buying strategy has paid off, especially with the recent surge in Bitcoin’s price. The nation now holds 5,748 BTC, valued at over $360 million, reflecting a capital gain of $57 million. While modest compared to major holders like MicroStrategy, El Salvador’s investment signals its belief in Bitcoin’s future value and utility.
The launch of a blockchain explorer by the National Bitcoin Office (ONBTC) highlights the country’s dedication to transparency in its BTC transactions. Despite limited adoption among the general populace, the government remains unwavering in its Bitcoin strategy, convinced that the cryptocurrency will drive future economic growth.
El Salvador’s relentless commitment to Bitcoin, showcased by its daily acquisitions and ambitious goals, illustrates the country’s faith in the transformative power of cryptocurrency. As the world watches, El Salvador is positioning itself at the forefront of the Bitcoin revolution, betting that this bold move will secure a prosperous economic future.
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