El Salvador Bolsters Bitcoin Reserves with Significant Purchases

El Salvador has enhanced its Bitcoin reserves by acquiring 11 BTC valued at over $1 million, moving away from its previous purchasing strategy. This marks the country’s third major Bitcoin purchase in a short time, as the government aims to procure an additional 20,000 BTC. President Bukele expresses intent to leverage potential U.S. Bitcoin sales for further acquisitions.

El Salvador, the sole nation where Bitcoin serves as legal tender, has once again expanded its cryptocurrency holdings, thanks to the unwavering support of President Nayib Bukele. On Thursday, President Bukele confirmed this significant purchase via a tweet, showcasing a screenshot from El Salvador’s Bitcoin Office that monitors its on-chain activities.

On December 8, El Salvador acquired 11 BTC valued at over $1.047 million, marking a departure from its usual strategy of purchasing one Bitcoin daily and signifying a renewed commitment to increasing its cryptocurrency investments.

This recent acquisition is the third substantial purchase by El Salvador since December 20, where it bought 11 BTC on December 20 and another 11 BTC on December 22. The country has decided to enhance its Bitcoin investments, with plans for an additional 20,000 BTC, as shared by senior Bitcoin adviser Max Keiser.

Currently, El Salvador holds 6,022 BTC, worth approximately $567 million, despite having spent only $145 million on these assets, reflecting an average purchase price of $45,641 per Bitcoin. In the last 30 days, El Salvador has acquired an additional 62.42 BTC, 33 more than its standard purchasing rate.

President Bukele expressed an eagerness to acquire further Bitcoin, particularly if the United States proceeds with the sale of confiscated Bitcoin, potentially allowing him to purchase at a lower cost. A federal court recently authorized the DOJ to divest 69,370 BTC, valued at $6.5 billion, obtained during the Silk Road investigation.

This development occurs shortly before the inauguration of pro-crypto President Donald Trump, who has pledged not only to retain America’s Bitcoin but also to pursue further acquisitions as a strategic reserve asset.

In summary, El Salvador’s recent substantial acquisitions of Bitcoin underscore the government’s intent to bolster its cryptocurrency reserves significantly. The country’s pro-crypto stance, supported by President Bukele, suggests a strategic approach towards Bitcoin accumulation in anticipation of favorable market conditions. This commitment to Bitcoin reflects El Salvador’s unique position in the global financial landscape as a pioneer in cryptocurrency adoption.

Original Source: thecryptobasic.com