El Salvador has notably expanded its Bitcoin purchases, acquiring 11 BTC valued at over $1.047 million. This purchase is part of a broader strategy to increase its holdings, with plans to target an additional 20,000 BTC under President Nayib Bukele’s leadership. The country holds a total of 6,022 BTC, and recent developments hint at potential future acquisitions at discounted rates due to U.S. Bitcoin sales.
El Salvador, the sole nation where Bitcoin holds legal tender status, has significantly expanded its cryptocurrency purchases under the leadership of President Nayib Bukele. On December 8, Bukele announced via Twitter that the country acquired 11 BTC, valued over $1.047 million, which deviated from its customary practice of purchasing one bitcoin per day, indicating a strategic pivot towards increased Bitcoin acquisitions.
This latest purchase marks El Salvador’s third substantial one-time acquisition since December 20, following earlier purchases of 11 BTC on December 20 and December 22. The government aims to enhance its Bitcoin holdings, with senior adviser Max Keiser revealing a target to accumulate an additional 20,000 BTC, reflecting a strong commitment to cryptocurrency.
In total, El Salvador currently possesses 6,022 Bitcoin, with a valuation of $567 million at present market prices. The country has spent approximately $145 million to acquire these assets, at an average cost of $45,641 per Bitcoin, indicating a strategic investment in the leading cryptocurrency by market capitalization.
In the past month, El Salvador has acquired 62.42 BTC, which amounts to about 33 BTC more than its traditionally scheduled purchases, underscoring the country’s aggressive stance on cryptocurrency investment. Moreover, President Bukele has expressed interest in acquiring additional Bitcoin at a potentially discounted rate, especially in light of impending sell-offs by the United States government.
This situation was highlighted by a federal court’s authorization for the U.S. Department of Justice to liquidate 69,370 BTC, equating to $6.5 billion, which was confiscated during the Silk Road investigation. This development arrives just days before the anticipated inauguration of pro-cryptocurrency President Donald Trump, who has committed to expanding the United States’ Bitcoin reserves instead of selling them.
In summary, El Salvador continues to assert its commitment to Bitcoin through substantial purchases, notably the recent acquisition of 11 BTC. With an aim to significantly increase its reserves, the country seeks to leverage potential market opportunities, especially in response to U.S. government actions regarding its Bitcoin holdings. This aggressive strategy underscores El Salvador’s unique position within the global cryptocurrency landscape.
Original Source: thecryptobasic.com
