Bitcoin

Arkham

El Salvador, the first nation to adopt Bitcoin as legal tender, has continued to aggressively accumulate the cryptocurrency.&nbsp;
<a data-ct-non-breakable="null" href="https://platform.arkhamintelligence.com/explorer/address/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo" rel="noopener noreferrer nofollow" target="_blank" text="null">According</a> to recent data from blockchain analytics platform Arkham Intelligence, the Salvadoran government has been steadily adding to its Bitcoin reserves, purchasing one Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null">BTC</a>) every day since March 16.&nbsp;
<h3 id="bukele-s-bitcoin-vision">Bukele’s Bitcoin vision</h3>
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.&nbsp;
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.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/el-salvador-bitcoin-certifications-government-employees" rel="" target="_self" text="null">El Salvador launches Bitcoin certifications for civil servants</a>
<a data-ct-non-breakable="null" href="https://x.com/EmberCN/status/1826802312456929741" rel="noopener noreferrer nofollow" target="_blank" text="null">According</a> to crypto analyst EmberCN, the Salvadoran government’s current floating profit of approximately $93.45 million, with an average purchase price of around $44,835 per Bitcoin, seems to validate Bukele’s strategy in the short term.
<h3 id="transparency-and-international-implications">Transparency and International Implications</h3>
In an effort to address concerns about transparency, the government has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/el-salvador-bitcoin-treasury-website" rel="null" target="null" text="null">implemented a mempool space</a>, enabling public auditing of its Bitcoin holdings. The initiative is designed to foster trust and demonstrate accountability in the handling of public funds tied to cryptocurrency investments.&nbsp;
In addition to its direct purchases, El Salvador has also invested in Bitcoin mining using the country’s abundant <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/el-salvador-mines-bitcoin-volcanic-energy" rel="null" target="null" text="null">volcanic geothermal energy</a>. Since 2021, the nation has mined 474 Bitcoin, worth around $29 million.&nbsp;
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.
Bukele was sworn in for <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/el-salvador-nayib-bukele-president-bitcoin" rel="null" target="null" text="null">another five-year presidential term</a> after a landslide election victory in February.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/" rel="null" target="null" text="null">‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

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

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Cointelegraph

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