El Salvador buys Bitcoin everyday despite market collapse


El Salvador maintains its dedication to the premier cryptocurrency by continuing to purchase Bitcoin on a daily basis.

The price of Bitcoin has experienced a decline in recent days as a result of the dismal economic outlook and the increased selling pressure from Mt. Gox repayments. Nevertheless, El Salvador continues to acquire one Bitcoin (BTC) per day.

Data from BitInfoCharts indicates that a cold wallet under the custody of the El Salvador government has amassed 1 BTC since mid-March, when Salvadoran President Nayib Bukele transferred the country’s BTC holdings to the wallet and disclosed the address.

Nearly 5,600 Bitcoins, valued at more than $400 million, were in the possession of El Salvador at the time of the transfer. Bukele referred to the device as El Salvador’s “first Bitcoin savings bank.”

Also in March, the President publicly disclosed El Salvador’s Bitcoin wallet address for the first time. In the past, he solely updated social media platforms with information regarding new Bitcoin purchases.

Bukele’s daily purchase strategy includes the consistent procurement of Bitcoin in El Salvador. In 2022, the President declared that the nation would commence purchasing one Bitcoin per day on November 18, 2022.

El Salvador was the first country to implement Bitcoin as its legal tender in September 2021, which led to the activation of the strategy.

Bukele previously stated that the nation does not merely acquire BTC; rather, it accumulates it through passport sales, currency conversions, mining operations, and other government services.

El Salvador mined 473.5 Bitcoin (BTC) using the geothermal power of the Tecapa volcano as of May 15, 2024, according to Reuters.

El Salvador has recently disclosed its intentions to facilitate the integration of Bitcoin into its banking system. According to reports, the government has submitted a reform proposal to establish a private investment bank that permits the operation of Bitcoin and the US dollar.

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