El Salvador’s Crypto Wallet Actively Continues Daily Bitcoin Purchases: BitInfoCharts Data

El Salvador’s Crypto Wallet Actively Continues Daily Bitcoin Purchases: BitInfoCharts Data

El Salvador, a pioneer in cryptocurrency adoption, has maintained its “1 BTC a day” program, persistently purchasing Bitcoin despite market fluctuations.

Consistent Daily Bitcoin Purchases

According to data from BitInfoCharts, El Salvador’s government-controlled crypto wallet has been actively acquiring 1 Bitcoin (BTC) per day. This strategic accumulation began after Salvadoran President Nayib Bukele announced the initiative in November 2022. The commitment was reiterated in March, with Bukele stating that the country would continue its daily Bitcoin purchases until it becomes unaffordable with fiat currencies. Notably, the country has no plans to sell its BTC reserves.

Transfer to Cold Wallet

In a move to secure its holdings, El Salvador has transferred a significant portion of its crypto assets to a cold wallet, referred to by Bukele as the country’s “first Bitcoin piggy bank.” The Bitcoins were reportedly obtained from the crypto exchange Bitfinex. Additionally, a Reuters report revealed that El Salvador has mined 474 BTC using geothermal power from the Tecapa volcano over the past three years.

Advancing Bitcoin Integration

Last month, El Salvador announced plans to further integrate Bitcoin into its banking system. The country submitted a reform proposal aimed at enabling banks to conduct operations in both BTC and the US dollar. This initiative underscores El Salvador’s commitment to embedding Bitcoin within its financial infrastructure.

Market Fluctuations and Continued Commitment

El Salvador’s steadfast commitment to Bitcoin purchases is evident, even as Bitcoin’s price experiences volatility. The nation has continued its BTC acquisitions despite a significant price drop. Recently, Bitcoin’s price plummeted to around $58,000, with total liquidations reaching $260 million. On July 2, Bitcoin was trading above $63,000 but fell below $60,000 shortly after. At the time of writing, Bitcoin trades at approximately $58,471, reflecting a 3.7% decline in the past 24 hours. This downturn has also impacted several altcoins.

Conclusion

El Salvador’s ongoing daily Bitcoin purchases amid market fluctuations highlight the country’s strong belief in the cryptocurrency’s long-term potential. By consistently adding to its Bitcoin reserves and pushing for greater integration into its banking system, El Salvador continues to position itself as a leader in the global crypto landscape.

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