El Salvador Doubles Down on Bitcoin: 6,068 BTC and Counting!
With the addition of 12 more Bitcoin to its national reserve in a single day, El Salvador has once again made news in the cryptocurrency world. According to the most recent data from the National Bitcoin Office, this most recent acquisition raises the total Bitcoin holdings of the country to 6,068 BTC, which is currently worth over $554 million. Strategic Bitcoin Buying During Market Declines The purchases were made at a calculated moment when the cryptocurrency market was slightly down. El Salvador purchased 11 Bitcoin on Feb. 4 for slightly more than $1.1 million, or $101,816 per Bitcoin on average. The government took the initiative to buy the dip, as evidenced by the subsequent purchase of another Bitcoin for $99,114. El Salvador has stacked 21 BTC this week! Total SBR Holdings: 6,068.18 BTC Total Added Today: +1 BTC Total Added Past 7 Days: +21 BTC Total Added Past 30 Days: +60 BTCThe first Strategic Bitcoin Reserve in the world keeps growing and so El… pic.twitter.com/iz2x9CGbuu— The Bitcoin Office (@bitcoinofficesv) February 4, 2025 The Bitcoin Office highlighted the nation’s aggressive accumulation approach by announcing on X that the country has stacked 21 BTC just this week. El Salvador has shown a strong commitment to its Bitcoin investment plan despite market volatility by adding 60 BTC to its reserves in the last 30 days alone. Also read: Trump Forcing Everyone to “Up Their Game”: Coinbase CEO Brian Armstrong El Salvador Unfazed by IMF Restrictions Under President Nayib Bukele’s direction, El Salvador’s assets, which have been dubbed the first Strategic Bitcoin Reserve in the world, are still growing. Given the recent $1.4 billion funding deal with the International Monetary Fund (IMF), which includes requirements to limit specific government operations related to Bitcoin, the administration’s steadfast commitment to the cryptocurrency is especially notable. Also read: El Salvador to Scale Back Bitcoin Law Amid IMF Loan Negotiations El Salvador seems unfazed by these restrictions, which include limiting government intervention in the Chivo cryptocurrency wallet and requiring private companies to adopt Bitcoin voluntarily. The government bought an extra $1 million worth of Bitcoin the day after the IMF deal was finalized, strengthening its long-term vision for crypto integration. In late December, Stacy Herbert, the director of the National Bitcoin Office, highlighted that the plans of El Salvador for Bitcoin have not changed. Furthermore, a media representative for the Bitcoin Office said that the country is planning to increase Bitcoin purchases in 2025 apart from purchasing at its current rate. 🇸🇻EL SALVADOR SECURES $3.5 FUNDING DEAL➡️Bitcoin remains legal tender➡️El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve➡️Bitcoin capital markets will continue to be built; for example, the recent tokenized issuance… — Stacy Herbert 🇸🇻🚀 (@stacyherbert) December 19, 2024 According to CoinGecko, Bitcoin is currently trading at around $98,000 after recently falling to about $96,000 due to market liquidation. El Salvador’s strategy seems to be centered on using these market swings to boost its cryptocurrency holdings. El Salvador’s Bitcoin holdings show how a country can use cryptocurrencies in its financial plan. This is happening even with tough market conditions. However, many people are worried about Bitcoin’s future in government financial policies.