El Salvador’s Bitcoin Holdings Continue to Grow Rapidly
El Salvador has continued its accelerated Bitcoin buying spree, having accumulated over 20 BTC in the past seven days.
According to data from the country’s Bitcoin Office, 12 BTC was added to its stash on Feb. 4 across two separate buys. First, it acquired 11 BTC for around $1.1 million at an average price of $101,816 per BTC and subsequently bought 1 BTC for $99,114 just hours later.
With these latest buys, El Salvador’s total Bitcoin holdings now stand at 6,068 BTC, valued at over $592 million when writing. The country has been consistently stacking sats and has added 60 BTC over the past month alone.
El Salvador accumulated BTC as it struggled to climb back above $100,000, following market jitters from President Trump’s recent tariff shock. Bitcoin dropped to a low of $98,361 on Feb. 4, according to CoinGecko data.
Previously, El Salvador scooped up 11 BTC on Jan. 9 and repeated the move on Jan. 20.
El Salvador initially began accumulating BTC under its “1 Bitcoin a day” program that was introduced in 2022 after President Nayib Bukele made history by officially recognizing the bellwether crypto as a legal tender.
However, it has deviated from this pattern and adopted a more aggressive accumulation strategy, scooping up larger chunks of Bitcoin at a faster pace. Stacy Herbert first mentioned this new approach on December 19, a little over a week after the country negotiated a $1.4 billion loan with the International Monetary Fund.
The deal came with conditions to scale back some of its Bitcoin-related policies. El Salvador has already made Bitcoin acceptance optional and has agreed to wind down the state-backed Chivo wallet as part of the agreement.
Elsewhere, other nations are taking cues from El Salvador’s Bitcoin strategy, with some exploring the idea of building their own reserves. The United States is the most prominent among them, while countries like Brazil, the Czech Republic, and Poland, among others, have also considered it.