Bitcoin prices have fallen in recent days amid increased selling pressure from Mt. Gox refunds and a bleak economic outlook. Despite this, El Salvador is still buying 1 BTC per day.
According to data from BitInfoChartsa cold wallet controlled by the El Salvador government has been accumulating 1 BTC per day since mid-March, when Salvadoran President Nayib Bukele transferred the country’s holdings to a cold wallet and published the address.
El Salvador buy 1 BTC per day
At the time of the transfer, El Salvador held around 5,600 BTC, worth over $400 million. Bukele call This wallet is El Salvador’s “first Bitcoin piggy bank.”
The March disclosure also marked the first time the president publicly disclosed El Salvador’s Bitcoin wallet address. Previously, he had only updated information about new Bitcoin purchases on social channels.
El Salvador’s continued Bitcoin purchases are part of Bukele’s daily buying strategy. The president announced in 2022 that the country would start buying 1 Bitcoin per day starting November 18, 2022.
The strategy was activated after a landmark move in September 2021, when El Salvador became the first country to accept Bitcoin as legal currency.
Previously, Bukele said that the country did not simply buy BTC but also accumulated it through passport sales, currency conversions, mining operations, and other government services.
According to Reuters, as of May 15, 2024, El Salvador has mined 473.5 Bitcoins using the geothermal energy of the Tecapa volcano.
El Salvador recently revealed plans to push for the integration of Bitcoin into its banking system. The government has reportedly submitted a reform proposal to establish a private investment bank that would allow operations in Bitcoin and US dollars.
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According to Cryptobriefing
