Thomas Daniels
After El Salvador’s most recent buy on December 29, it has now formally surpassed the 6,000 Bitcoin (BTC) milestone. The National Bitcoin Office’s portfolio tracker shows that the nation’s Bitcoin treasury currently stands at 6,000.77 BTC, or roughly $561.3 million.
As a result of its steady approach to Bitcoin accumulation, El Salvador’s holdings have increased by 19 BTC in the last week and 53 BTC in the last month, totaling $1.77 million and $4.95 million, respectively. Based on an average acquisition cost of $45,465 per Bitcoin, this methodical technique has produced substantial unrealized gains with a 105% return of investment.
On September 6, 2021, the country became the first to accept Bitcoin as legal money, solidifying its position in financial history. The action started with a 200 BTC purchase and has since developed into a regular buying regimen.
The government just paid $1 million for Bitcoin after reaching a financial arrangement with the International Monetary Fund (IMF) worth $1.4 billion. The administration of President Nayib Bukele has been steadfast in its dedication to its Bitcoin policy, even in the face of opposition from global financial institutions such as the IMF.
El Salvador is now the sixth-largest sovereign Bitcoin holder, joining nations like the US and China thanks to its aggressive purchasing campaign. According to Nayib Tracker, the nation’s holdings have increased dramatically during the ongoing recovery of the cryptocurrency market, with unrealized gains currently totaling $152 million.
El Salvador’s desire to stay at the forefront of Bitcoin adoption is seen in its ongoing integration of cryptocurrency into its financial strategy through its National Bitcoin Office. The country’s proactive strategy demonstrates its faith in Bitcoin’s long-term potential, as evidenced by its portfolio, which currently has a value of over half a billion dollars.
