El Salvador was one of the first countries to make Bitcoin legal cash, and it has been actively building up its cryptocurrency funds. To date, since March 16, the government has bought one bitcoin every day, adding up to 162 BTC. This means that the country now has a total of 5,851 BTC, which is worth about $356.4 million.
President Nayib Bukele, who pushed El Salvador to accept Bitcoin, has made it clear that he wants to use Bitcoin in the country’s banking system. His administration’s plan to buy Bitcoin every day shows how committed they are to this goal and shows how he sees cryptocurrency as a way to achieve economic freedom.
The government sent the first 5,689 BTC to a safe cold storage wallet on March 16, 2024. Bukele called it the country’s first “Bitcoin piggy bank.” This move started the process of daily buildup.
The way Bukele is doing things has made people around the world feel both respect and worry. People who support it see it as a brave step toward financial independence, especially since El Salvador has had economic problems in the past. Analysts say that the government’s present floating profit of $93.45 million, based on the average price of $44,835 per bitcoin, shows that the plan may be working in the short run.
So that everything is clear, the government set up a public tracking system so that people all over the world can see how much Bitcoin it has. El Salvador has also put money into Bitcoin mining, which uses the country’s natural energy sources. Since 2021, this mining project has produced 474 BTC, which is worth about $29 million and is part of the country’s larger Bitcoin plan.
President Bukele just won a majority election and will serve another five years. He is still committed to his plan to use Bitcoin in El Salvador’s financial future.
