El Salvador Now Has Over 6,000 Bitcoins in Reserves

El Salvador has significantly expanded its Bitcoin holdings, increasing its reserves to over $500 million.

The country’s purchase of additional Bitcoin has brought its total to more than 6,000 BTC, placing it among a select group of nations with large Bitcoin reserves.

This move further solidifies Bitcoin as the cornerstone of El Salvador’s treasury strategy. With a 108% increase in its crypto investment, the nation has shown its commitment to integrating cryptocurrency into its financial management. The Bitcoin was acquired at an average price of $45,450 per coin, according to the National Bitcoin Office’s portfolio tracker, bringing the total value of its holdings to approximately $569.3 million.

El Salvador now joins the ranks of a few countries with sizable Bitcoin reserves, including the United States, China, the United Kingdom, Ukraine, and Bhutan. The country’s consistent approach to Bitcoin purchases, including regular acquisitions of one Bitcoin per day, reflects its ongoing commitment to the asset.

Notably, following a significant $1.4 billion deal with the International Monetary Fund (IMF), El Salvador made substantial single-day purchases, including a $1 million buy on December 22.

Despite facing international criticism, particularly from the IMF, for its aggressive Bitcoin investment strategy, El Salvador remains resolute in its commitment. Stacy Herbert, Director of the National Bitcoin Office, emphasized that the country will continue to buy Bitcoin at an accelerated pace to build its Strategic Bitcoin Reserve, with no plans to sell off its holdings.