According to recent data, a glimpse into El Salvador’s government wallet confirms that the nation’s Bitcoin stash has reached an all-time high, now boasting almost 6,000 BTC.
El Salvador’s total Bitcoin holdings, comprising both mined and purchased units, have exceeded $400 million in value, with a current balance of 5,917 BTC, supplemented by geothermal energy-powered mining operations at the Tecapa volcano
Three Years of Making History
Three years ago, El Salvador made history by becoming the first country to add Bitcoin to its national treasury.
A few months after President Nayib Bukele proposed the bill to adopt the Bitcoin Law and the Legislative Assembly of El Salvador voted, the country made a pioneering purchase of more than 400 BTC worth about $20.9 million at the time of purchase.
It was a long wait, but worth it.
We just bought the dip!
420 new #Bitcoin🇸🇻
— Nayib Bukele (@nayibbukele) October 27, 2021
El Salvador’s decision received mixed reactions. Although some Salvadorans applauded the move as a breakthrough for mainstream cryptocurrency acceptance, the majority voiced concerns and skepticism.
The International Monetary Fund (IMF) was among the critics, warning the country against accepting Bitcoin as legal tender due to the asset’s volatility and potential risks to the economy.
Despite facing criticism and concerns, El Salvador, under President Nayib Bukele’s leadership, remains committed to its pioneering Bitcoin strategy.
The country has continued to bolster its Bitcoin reserves, steadfastly purchasing one BTC daily since March 16, in fulfillment of President Bukele’s pledge to acquire one Bitcoin per day, continuing until the cryptocurrency’s value surpasses fiat currency affordability.
El Salvador Boosts Bitcoin Adoption
Inspired by El Salvador’s pioneering approach, Argentina is likely to follow suit and eventually incorporate Bitcoin into its treasury reserves.
In May, Argentina’s National Securities Commission (CNV) president, Roberto Silva, and vice president, Patricia Boedo, met with Juan Carlos Reyes, president of El Salvador’s National Digital Assets Commission (CNAD), to discuss El Salvador’s groundbreaking experience with Bitcoin adoption.
President Bukele’s commitment to Bitcoin adoption remains strong, as evidenced by the National Bitcoin Office’s plans to train and provide Bitcoin certificates to 80,000 public servants in El Salvador.
In a recent report, the country’s President donated bitcoin (BTC) worth approximately $133,000 to support the construction of 1,000 schools across Honduras.
