El Salvador is steadily increasing its Bitcoin stack, buying one BTC every day since March, with plans to continue this strategy forever.
Stacking sats intensifies
Arkham Intelligence reveals that since March 16, 2024, El Salvador’s government has been consistently acquiring one Bitcoin daily, as they announced.
Now the country’s total holdings reached 5,852 BTC, valued at $377 million in current prices.
El Salvador first made global headlines in September 2021 when it became the world’s first country to adopt Bitcoin as legal tender.
This move fueled a visible surge in crypto tourism and positioned the country as a pioneer in cryptocurrency adoption.
Of course, it also drew serious criticism from the International Monetary Fund and some of its own citizens.
President Nayib Bukele has remained committed to his Bitcoin strategy anyway, with the ongoing daily purchases adding 162 BTC to the national treasury so far.
The country is unlikely to start trading, but as crypto analyst EmberCN highlighted that the Salvadoran government is already sitting on unrealized profits exceeding $93.45 million, with an average purchase price of around $44,835 per BTC. Bukele’s approach is proving to be lucrative.
Bitcoin piggy bank
President Bukele officially announced that his government secured a significant portion of its Bitcoin reserves in an offline storage device, housed within a physical vault on Salvadoran soil.
This so-called Bitcoin piggy bank initiative is a central element of Bukele’s financial strategy, and they want to safeguarding the nation’s crypto assets from potential cyber threats.
Buying, mining, hodling
Beyond merely accumulating Bitcoin, El Salvador is also been innovative in utilizing cryptocurrency for economic development.
The country invested in Bitcoin mining powered by its abundant geothermal energy from volcanoes. El Salvador itself has mined 474 Bitcoin since 2021, valued at $29 million.
In June, Bukele was sworn in for another five-year term after a decisive victory in the February elections.
We can be almost sure that Bitcoin will continue to play an important role in El Salvador’s economic policies under his leadership.
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