El Salvador’s Bitcoin holdings grow by 162 BTC with daily buys

El Salvador, the first nation to adopt Bitcoin as legal tender, has continued to aggressively accumulate the cryptocurrency. 

Bukele’s Bitcoin vision

The ongoing acquisition has added 162 Bitcoin to the country’s holdings, bringing its total to 5,851 BTC valued at roughly $356.4 million at current market prices.

President Nayib Bukele, the architect of El Salvador’s Bitcoin adoption, has consistently advocated for cryptocurrency as a means to economic independence and innovation. His strategy for the government to make daily purchases of 1 BTC highlights his long-term commitment to integrating Bitcoin into the nation’s financial framework. 

Bukele’s government began the series of purchases by transferring 5,689 BTC into a cold storage wallet on March 16, 2024, a move Bukele referred to as creating the country’s first “Bitcoin piggy bank.”

The purchases have received both admiration and concern within the international community. Supporters hail Bukele’s bold approach as a visionary step toward financial sovereignty, particularly in a country historically plagued by economic instability.

Transparency and International Implications

This environmentally friendly approach to Bitcoin mining aligns with Bukele’s vision of integrating technology and natural resources, yet it remains a relatively small part of the country’s broader Bitcoin strategy.