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HomeCentral AmericaEl SalvadorEl Salvador Boosts Bitcoin Reserves with 21 BTC on Bitcoin Day

El Salvador Boosts Bitcoin Reserves with 21 BTC on Bitcoin Day

President Nayib Bukele announced that El Salvador purchased 21 Bitcoin to mark the fourth anniversary of the country adopting the cryptocurrency as legal tender. The move brings the nation’s total Bitcoin reserves to 6,313.18 BTC, worth more than $701 million at current prices.

Bukele shared the news on X, posting a screenshot of the transaction and writing, “Buying 21 bitcoin for Bitcoin Day.” The 21 BTC, valued at around $2.3 million, fits into El Salvador’s ongoing strategy of regular purchases. In the past week alone, the government added 28 BTC to its stack.

El Salvador first made Bitcoin legal tender on September 7, 2021, becoming the first country to do so. Since then, Bukele’s administration has bought Bitcoin during price dips, treating it as a long-term asset. The latest buy comes amid Bitcoin trading near $111,000 per coin, pushing the country’s holdings into substantial unrealized gains.

The government tracks its Bitcoin through a public dashboard, showing steady accumulation. Bukele often points to profits from these holdings, with the treasury up over $200 million from initial buys. This approach contrasts with traditional reserves like gold, which El Salvador also holds.

El Salvador’s Bitcoin policy includes initiatives like the Chivo wallet for citizens and mining with geothermal energy. Adoption has grown, with businesses accepting BTC and tourists drawn to the experiment. Critics argue it adds volatility to public finances, but supporters see it as a hedge against inflation.

Bukele remains committed. He has said Bitcoin represents financial freedom for the country. With this latest addition, El Salvador shows no signs of slowing its Bitcoin buys. As prices fluctuate, the nation’s treasury continues to reflect that bet.

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