El Salvador has purchased 11 BTC worth over $1.047 million, diverging from its typical acquisition rate, under the direction of President Nayib Bukele. This marks the third significant purchase within two weeks, as the government aims to acquire 20,000 more BTC. With recent U.S. Bitcoin sales anticipated, Bukele is eager to expand the nation’s holdings at potentially lower prices.
El Salvador, uniquely positioned as the only nation to accept Bitcoin as legal tender, has once again stepped up its purchases of the cryptocurrency, guided by President Nayib Bukele’s pro-crypto stance. In a recent tweet, President Bukele revealed a significant acquisition, showing a screenshot from El Salvador’s Bitcoin Office to confirm the transaction. On December 8, the country purchased 11 BTC for over $1.047 million, marking a shift from the usual pattern of acquiring one Bitcoin daily as part of a commitment to enhance its Bitcoin portfolio.
This latest purchase represents El Salvador’s third major acquisition within a tight timeframe, having previously purchased 11 BTC on December 20 and another 11 BTC on December 22. This renewed push aligns with the government’s strategic decision to bolster its Bitcoin holdings. Senior Bitcoin adviser to the government, Max Keiser, noted that El Salvador aims to acquire an additional 20,000 BTC.
Currently, El Salvador maintains a reserve of 6,022 Bitcoin, valued at approximately $567 million, despite having incurred a total expenditure of $145 million for these assets, yielding an average purchase price of $45,641 per coin. In the past month, the nation has acquired a total of 62.42 BTC, exceeding its typical acquisition rate by approximately 33 BTC. President Bukele appears eager to capitalize on potential market dips to expand the nation’s holdings further.
Of particular interest, President Bukele responded to speculation regarding possible Bitcoin sales by the United States. A federal court has granted the U.S. Department of Justice approval to liquidate 69,370 BTC, valued at around $6.5 billion, that was confiscated in connection with the Silk Road case. This development comes on the heels of the upcoming inauguration of pro-crypto President Donald Trump, who has expressed intentions to increase America’s Bitcoin reserves rather than liquidate them.
In summary, El Salvador continues to assert its commitment to Bitcoin by significantly increasing its cryptocurrency holdings under the leadership of President Nayib Bukele. The government’s strategy not only involves substantial one-time purchases but also aims for future acquisitions of large quantities of Bitcoin. Stakeholders in the cryptocurrency market should remain aware of these developments, especially in light of potential U.S. Bitcoin sales that may impact market dynamics.
Original Source: thecryptobasic.com
