El Salvador’s President Nayib Bukele reiterated the nation’s resolve to acquire one Bitcoin daily, as part of its ongoing cryptocurrency strategy, despite initial skepticism.
Initially announced in November 2022, this initiative, aimed at dollar-cost averaging, has yielded significant returns amidst Bitcoin’s recent price surge.
El Salvador’s total Bitcoin holdings, inclusive of various acquisition channels, now stand at 5,690 BTC, valued at $394 million.
Bukele emphasized the continuation of this daily Bitcoin procurement strategy until the cryptocurrency becomes unattainable with fiat currencies.
The program, conceived in November 2022, involves purchasing one BTC daily, demonstrating El Salvador’s pro-crypto stance.
Despite initial doubts from global financial bodies, this strategy has proven fruitful, yielding substantial unrealized profits.
Data indicates that El Salvador has spent over $15 million to acquire 485 BTC at an average price of $30,985. This stash alone is now valued at over $33 million.
Bukele’s commitment to the program underscores El Salvador’s steadfast approach towards cryptocurrency adoption and financial innovation.
Moreover, recent data reveals aggressive accumulation of BTC by large holders, contributing to Bitcoin’s market momentum.
MicroStrategy, a prominent player in the crypto space, recently finalized a debt-financed strategy to acquire over 12,000 BTC for $821 million, further indicating institutional interest in Bitcoin accumulation.
