- El Salvador’s BTC holdings have increased to 5.851K, which is worth $355.13M.
- Since the inception of the “1 BTC a day” program, it has shown its undettered commitment to enhancing the crypto industry.
El Salvador, under the leadership of President Nayib Bukele, has continued to make changes in the crypto world with its commitment to Bitcoin. Since November 2022, the country has been purchasing one BTC every day as part of its “1 Bitcoin a Day” program. This initiative will continue until Bitcoin becomes “unaffordable with fiat currencies.”
El Salvadorean government currently holds 5.851K BTC ($355.13M) with an average cost of $44,835. The last transaction was 10 hours ago transferring 1 BTC, worth $60.50K.
El Salvador was the first country in the world to adopt Bitcoin as legal tender in September 2021. Despite criticism and warnings from the International Monetary Fund (IMF), the Salvadoran government has remained adamant in its BTC strategy. The country has not only purchased Bitcoin but has also engaged in BTC mining and developed various Bitcoin-related initiatives.
Earlier this year, El Salvador has mined 474 BTCs using geothermal energy from Tecapa volcano since 2021. This had added $29M to its BTC holdings. In addition, Jack Dorsey-backed Ocean Mining has also set up its international headquarters in El Salvador.
El Salvador’s BTC Strategy Capturing Global Attention
Bukele shared that the Bitcoin acquired through daily purchases is being added to the same wallet used for a significant portion of the country’s existing BTC reserves. In a recent move, El Salvador transferred a large chunk of its Bitcoin holdings to a cold wallet. It is stored in a secure physical vault within the country.
The government has launched a comprehensive training program to educate 80,000 civil servants on Bitcoin and its strategic management. This 160-hour certification program, offered by the National Bitcoin Office (ONBTC), is designed to equip public officials with the knowledge to govern a BTC-driven economy.
El Salvador‘s Bitcoin journey is closely watched by other nations, especially those struggling with rapid inflation. Argentina, for example, has shown interest in learning from El Salvador’s experience. It is seeking to explore potential collaborations to advance its crypto initiatives.
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