El Salvador, under President Nayib Bukele, has increased its Bitcoin purchases, acquiring 11 BTC worth over $1.047 million on December 8. This purchase is part of a resolution to enhance Bitcoin holdings, targeting an additional 20,000 BTC. With 6,022 Bitcoin currently valued at approximately $567 million, El Salvador seeks to capitalize on potential discounted prices following U.S. Bitcoin sales. This article does not constitute financial advice.
El Salvador, the first nation to adopt Bitcoin as legal tender, has intensified its cryptocurrency acquisitions under the leadership of pro-bitcoin President Nayib Bukele. On December 8, Bukele announced via Twitter the purchase of 11 BTC, valued at over $1.047 million, marking a shift from the country’s usual daily acquisition of one bitcoin. This acquisition reflects El Salvador’s broader strategy of reinforcing its commitment to Bitcoin.
The recent purchase is the third significant acquisition by El Salvador since December 20, coinciding with a governmental resolution to enhance its Bitcoin reserves. Notably, the country previously bought 11 BTC on both December 20 and 22. According to Max Keiser, senior Bitcoin adviser to the government, their aim is to procure an additional 20,000 BTC.
Currently, El Salvador holds 6,022 Bitcoin, approximately valued at $567 million based on current market prices. The nation has spent around $145 million on these assets, securing them at an average cost of $45,641 per coin. Notably, El Salvador has acquired 62.42 BTC in the last month, which is significantly higher than their typical purchase rate.
President Bukele has expressed interest in purchasing more Bitcoin, especially with the potential for acquiring the asset at lower prices. This is in light of the recent ruling that permits the U.S. Department of Justice to sell 69,370 BTC, which was seized from the Silk Road investigation. This situation arises just before the inauguration of pro-crypto President Donald Trump, who has promised to secure more Bitcoin as a strategic asset.
It is important to note that this content is intended for informational purposes only and should not be construed as financial advice. Readers are advised to conduct comprehensive research before making investment decisions. The Crypto Basic does not accept responsibility for any financial losses incurred.
In summary, El Salvador continues to enhance its Bitcoin holdings under President Nayib Bukele’s direction, making significant purchases that deviate from its previous strategies. With plans to further increase its Bitcoin reserve and a focus on acquiring additional assets at lower prices, the country aims to solidify its position as a leader in cryptocurrency adoption. However, readers should engage in diligent research before making investment decisions based on these developments.
Original Source: thecryptobasic.com
