In a series of strategic moves that underline its commitment to cryptocurrency, El Salvador continues to deepen its engagement with the digital currency market, particularly bitcoin . President Nayib Bukele recently announced El Salvador's plan to buy one bitcoin every day, aiming to continue this practice until it becomes unaffordable with fiat currencies. This initiative has pushed the nation's Bitcoin holdings to a substantial total of 5,690 BTC, valued at approximately $400 million.
The country had been acquiring bitcoin through various means, including daily purchases, sales of passports, currency conversions for businesses, mining and government services. This approach has dramatically increased El Salvador's bitcoin holdings, which were believed to be less than 3,000 BTC before this revelation. El Salvador's pioneering stance on bitcoin began in September 2021 when it became the first country to adopt the digital currency as legal tender.
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