Since construction Bitcoin is a legal currency In 2021, the government of El Salvador, led by Vice President Boquele, has pursued a consistent strategy to accumulate Bitcoin. This bitcoin hoarding strategy, which has paid off to a great extent, has continued until now.
According to recent data, El Salvador has now crossed the threshold of 6,000 Bitcoins. This makes El Salvador the sixth country after the United States, the United Kingdom, And keep the butane 6000 Bitcoins or more.
El Salvador's Bitcoin strategy reaches a new milestone
Unlike countries such as the United States and the United Kingdom, whose Bitcoin holdings are seized from criminals, El Salvador's Bitcoin holdings have been made through continuous purchases. Notably, El Salvador's deliberate and persistent approach to building a bitcoin reserve has been a cornerstone of President Boquele's vision to build the small Central American country into a nation. The leader in the crypto industry
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According to data from El Salvador's official bitcoin wallet tracker website, the country has added one more bitcoin to its reserves in the past 24 hours. This bitcoin was bought at $94,702, bringing the total holdings to 6,000.77 bitcoins.
Interestingly, a closer look at the data shows that El Salvador has bought about 50 more bitcoins since the beginning of December. This growth has mostly been consistent with 1 Bitcoin bought each day, except for December 20th and December 22nd, which were highlighted by 11 Bitcoin purchases.
At the time of writing, El Salvador's Bitcoin reserves are worth just over $570 million. This value has grown strongly in the last three months and could grow even more in 2025. Specifically, El Salvador's Bitcoin portfolio reached the peak value 643 million dollars on December 17 When the price of Bitcoin reached its peak $108,135.
image from bitcoin.gob.sv
El Salvador Bitcoin Reserve Outlook
Despite initial skepticism from international organizations and financial experts, this strategy seems to have yielded positive results over time, largely due to the rise in bitcoin prices this year. According to data from nayibtracker.com, El Salvador currently has $157 million in profits from its bitcoin purchases and has purchased 6,000 of its bitcoins at an average price of $45,465.
El Salvador's first Bitcoin purchase took place in September 2021 and currently shows no signs of stopping anytime soon. However, this country did come to an agreement Recently, with the International Monetary Fund, it has reduced the process of buying bitcoins in order to secure its financing. Although the deal was done on December 18, El Salvador doubled down and bought another 11 bitcoins just days later.
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At the time of writing, Bitcoin is trading at $95,030. Technical analysis shows that the digital currency is on the way to reach New highs by 2025. with Peak price targets From $150,000 to $1 million. This in turn makes the value of El Salvador's Bitcoin portfolio continue to grow.
Featured image from Getty Images, chart from TradingView
