El Salvador’s Bitcoin Holdings Reach 6,000 BTC Amid Continued Purchases
Since designating Bitcoin as legal tender in 2021, El Salvador, under President Nayib Bukele, has consistently accumulated Bitcoin. This strategy has proven effective, with the country surpassing 6,000 BTC holdings.
El Salvador’s Bitcoin Strategy Reaches New Milestone
El Salvador's Bitcoin reserves differ from those of countries like the US and the UK, which mainly hold seized assets. The country's approach is based on regular purchases, aligning with Bukele’s vision to position El Salvador as a leader in the crypto industry.
Recent data from El Salvador’s Bitcoin portfolio tracker indicates that the nation added another BTC at $94,702, bringing total holdings to 6,000.77 BTC. Since December, approximately 50 additional BTC have been acquired, primarily at a rate of one BTC daily, with notable purchases of 11 BTC on December 20 and December 22.
The current value of El Salvador's Bitcoin holdings exceeds $570 million, reflecting significant growth over the past three months. The portfolio peaked at $643 million on December 17 when Bitcoin reached $108,135.
Image from bitcoin.gob.sv
Outlook For El Salvador’s Bitcoin Stash
Despite initial doubts from international organizations, El Salvador's strategy has resulted in a profit of $157 million, with an average purchase price of $45,465 per BTC. The first Bitcoin acquisition occurred in September 2021, and purchases continue despite a recent agreement with the IMF to limit buying trends for funding purposes. Notably, the country purchased 11 more BTC shortly after the agreement was made on December 18.
As of now, Bitcoin trades at $95,030. Technical analysis predicts potential new highs by 2025, with peak price targets ranging from $150,000 to $1 million, indicating further growth for El Salvador's Bitcoin portfolio.
Featured image from Getty Images, chart from TradingView