El Salvador has strengthened its position as a leading Bitcoin-holding nation by surpassing 6,000 Bitcoin ($BTC) in its national treasury. The recent acquisition of 1 $BTC on December 29 brought the country’s total holdings to 6,000.77 $BTC, currently valued at $569.3 million based on the National Bitcoin Office’s portfolio tracker.
El Salvador has just stacked its 6,000th bitcoin! pic.twitter.com/uS7Gqi5bUq — The Bitcoin Office (@bitcoinofficesv) December 28, 2024
The government, led by President Nayib Bukele, has consistently acquired Bitcoin ($BTC) since it became legal tender in September 2021. Its first purchase of 200 $BTC marked the start of a steady accumulation strategy. On average, the country has purchased Bitcoin ($BTC) at an approximate price of $45,450 per coin, with an overall investment growth of 108.02% to date.
Global Ranking in Bitcoin ($BTC) Holdings
El Salvador now ranks as the sixth-largest Bitcoin-holding nation, according to data from BitBo’s Bitcoin Treasuries. The country trails behind the United States, China, the United Kingdom, Ukraine, and Bhutan in Bitcoin reserves.
The government’s buying strategy often involves regular purchases of one Bitcoin per day. However, larger acquisitions have occurred, such as a $1 million purchase following a $1.4 billion agreement with the International Monetary Fund (IMF).
El Salvador’s Future Plans and Strategic Adjustments
According to Stacy Herbert, Director of El Salvador’s National Bitcoin Office, the government may accelerate Bitcoin ($BTC) purchases in the future. The administration remains firm in holding Bitcoin reserves despite pressure from the IMF to scale back Bitcoin-related activities.
While El Salvador continues to invest in Bitcoin ($BTC), its state-operated Chivo wallet is expected to be sold, with private-sector wallets taking on a larger role. The IMF’s approval of the country’s pending financial deal could finalize four years of negotiations impacted by El Salvador’s pro-Bitcoin policies. This is a consistent concentration on Bitcoin ($BTC) as the Bukele administration regards cryptocurrency as a basic pillar of the country’s financial plan.