El Salvador Enhances Bitcoin Holdings with New 11 BTC Acquisition
El Salvador has purchased an additional 11 BTC, valuing over $1 million, under President Nayib Bukele’s guidance. This acquisition marks a break from their standard one-Bitcoin-per-day purchasing strategy, with plans to acquire 20,000 more BTC. Currently holding 6,022 BTC, the country’s aggressive Bitcoin purchasing is fueled by potential discounts from U.S. sales of confiscated Bitcoin.
El Salvador, the only nation where Bitcoin is recognized as legal tender, has remarkably augmented its Bitcoin reserves, thanks to the advocacy of its pro-cryptocurrency President, Nayib Bukele. Recently, President Bukele confirmed the acquisition of 11 BTC—approximately valued at $1.047 million—on December 8, which was documented on the country’s Bitcoin Office platform, aimed at monitoring its on-chain transactions. This purchase marks a significant deviation from its usual strategy of buying one Bitcoin daily as part of an intensified commitment to the cryptocurrency.
This latest acquisition represents El Salvador’s third sizable one-time Bitcoin purchase in a short span, preceded by similar acquisitions of 11 BTC on December 20 and December 22. The increasing accumulation of Bitcoin aligns with a governmental resolution to intensify its investment in the cryptocurrency, as highlighted by El Salvador’s senior Bitcoin adviser, Max Keiser, who asserted plans to target an additional 20,000 BTC.
At present, El Salvador possesses a total of 6,022 Bitcoin tokens, which are valued at approximately $567 million based on prevailing market rates. However, the total monetary outlay for these assets amounts to $145 million, with an average acquisition price of $45,641 per Bitcoin. In the last month alone, the nation has purchased 62.42 BTC, exceeding its regular buying pattern by about 33 BTC, as President Bukele appears determined to seize the opportunity to buy Bitcoin at discounted rates.
Recent developments surrounding potential Bitcoin sales by the United States have piqued President Bukele’s interest, as he perceives this could allow him to procure Bitcoin at a lower price. In particular, a federal court has authorized the United States Department of Justice to liquidate 69,370 BTC, valued at approximately $6.5 billion, which were confiscated during the Silk Road investigation. This announcement surfaced just over a week prior to the inauguration of a pro-cryptocurrency president, Donald Trump, who has committed to enhance America’s Bitcoin holdings rather than liquidate them altogether.
In summary, El Salvador continues to expand its Bitcoin reserves under President Bukele’s leadership, moving beyond its conventional purchasing strategy. With plans to acquire an additional 20,000 BTC, the nation is positioning itself increasingly within the cryptocurrency market. Bukele’s interest in discounted Bitcoin, particularly in light of potential U.S. sales, underscores a proactive approach to cryptocurrency acquisition. Overall, El Salvador’s assertive stance on Bitcoin reinforces its unique position among global economies.
Original Source: thecryptobasic.com
