El Salvador’s persistence in acquiring Bitcoin daily remains strong despite the current market downturn. Despite the recent decline in Bitcoin’s price and other economic challenges, the Salvadoran government continues to add one Bitcoin (BTC) to its holdings every day.
This commitment to Bitcoin accumulation was evidenced in mid-March when President Nayib Bukele transferred the country’s BTC holdings to a cold wallet controlled by the government. Since then, the wallet has accumulated 1 BTC, as reported by BitInfoCharts.
Previously, El Salvador held around 5,600 BTC, valued at over $400 million, prior to the transfer. President Bukele referred to the cold wallet as El Salvador’s “first Bitcoin piggy bank.”
The revelation of the Bitcoin wallet address in March marked the first time President Bukele publicly disclosed this information. Prior to that, he would only provide updates about new Bitcoin purchases through social channels.
El Salvador’s daily Bitcoin acquisitions align with President Bukele’s purchase strategy, which he announced in 2022. The country began buying one Bitcoin per day from November 18, 2022, following its historic decision in September 2021 to adopt Bitcoin as legal tender, becoming the first country to do so.
President Bukele clarified that El Salvador’s BTC accumulation is not solely through purchases but also through passport sales, currency conversions, mining operations, and other government services. Reportedly, as of May 15, 2024, El Salvador has mined 473.5 Bitcoin using the geothermal power of the Tecapa volcano, according to Reuters.
Furthermore, El Salvador has recently unveiled plans to integrate Bitcoin further into its banking system. The government has submitted a reform proposal aiming to establish a private investment bank that facilitates Bitcoin and US dollar operations.
Despite the current market conditions, El Salvador’s unwavering daily Bitcoin acquisitions demonstrate the country’s commitment to cryptocurrency and its vision for a digital economy.