Key Takeaways
- With Bitcoin currently valued at $94,000, this reserve translates to over $569 million.
- El Salvador now ranks as the sixth-largest Bitcoin holder among countries
El Salvador has solidified its position as one of the world’s largest Bitcoin holders, surpassing 6,000 BTC in national reserves. On December 28, the country made a symbolic purchase of 1 BTC, bringing its total holdings to 6,000.77 BTC. With Bitcoin currently valued at $94,000, this reserve translates to over $569 million.
The country’s Bitcoin acquisition strategy began in September 2021, coinciding with El Salvador becoming the first country to make Bitcoin legal tender. At that time, the government purchased its first 200 BTC.
Since then, under President Nayib Bukele, the administration has maintained a steady purchasing approach, often acquiring one Bitcoin per day. Occasionally, larger purchases have been made, such as a $1 million buy following the conclusion of a $1.4 billion deal with the International Monetary Fund (IMF).
As per BitBo’s BTC Treasuries Data, El Salvador now ranks as the sixth-largest Bitcoin holder among countries, trailing the United States, China, the United Kingdom, Ukraine, and Bhutan
Earlier this month, El Salvador and the International Monetary Fund (IMF) reached an agreement for the country to scale back its Bitcoin use in exchange for a $1.4 Billion financing package. According to the Nayib Bukele portfolio tracker, El Salvador’s average acquisition cost for Bitcoin stands at $45,465.53, meaning the value of its holdings has increased by 108.02% to date.
Following the deal with IMF, Stacy Herbert, Director of El Salvador’s National Bitcoin Office, stated on X that BTC would remain legal tender in the country and that the government would keep adding to its strategic reserves.