El Salvador’s President, Nayib Bukele, marked the nation’s fourth anniversary of the Bitcoin Law by making a significant investment in Bitcoin. The country purchased approximately $2.3 million worth of Bitcoin, further solidifying its position as a pro-crypto nation. With this latest purchase, El Salvador’s Bitcoin holdings have surpassed $700 million, demonstrating its commitment to embracing cryptocurrency.
President Bukele announced the acquisition of 21 Bitcoins on Twitter, bringing the country’s total holdings to 6,313.18 BTC. This move is part of El Salvador’s “one Bitcoin a day” strategy, which has been in place since Bitcoin was adopted as legal tender in 2021. In the past week alone, El Salvador has added around 28 Bitcoins to its reserves, with a total increase of over 50 BTC in the last 30 days. This continuous expansion highlights the country’s dedication to incorporating Bitcoin into its economy and educational system.
Despite facing challenges since adopting Bitcoin, El Salvador remains steadfast in its efforts to integrate the cryptocurrency. Currently trading at $111,943 with a market cap exceeding $2.2 trillion, Bitcoin’s trading volume has experienced fluctuations this month. Starting at $34 billion and peaking at around $60 billion on September 6, the trading volume has now decreased to $26 billion.
In a move to enhance the security of its National Strategic Bitcoin Reserve, El Salvador recently redistributed its Bitcoin holdings across multiple addresses, each capped at 500 BTC. This strategic decision aims to mitigate the risks associated with potential quantum attacks. Additionally, the country passed an “Investment Banking Law” in August, enabling major financial institutions to offer Bitcoin and other cryptocurrency services to qualified investors. Financial institutions are now required to obtain licenses before providing digital asset-related services, further bolstering the security measures within El Salvador’s crypto framework.
As El Salvador continues to expand its Bitcoin holdings and strengthen its crypto infrastructure, the nation’s pro-crypto stance remains unwavering. The integration of Bitcoin into various sectors of the economy underscores El Salvador’s innovative approach to embracing the future of digital currency.