Despite the recent weakness in the price trend of Bitcoin, which even briefly fell below $58,000 today, El Salvador remains committed to its promise to purchase one Bitcoin (BTC) every day.
According to data from BitInfoCharts, since mid-March when the President of the country, Nayib Bukele, moved the country’s Bitcoin to a cold wallet and made the address public, the address has been consistently accumulating 1 BTC each day.
As of now, the wallet holds a total of 5,800 Bitcoins, valued at approximately $340 million. El Salvador’s regular purchase plan was announced by Nayib Bukele in 2022, starting from November 18, 2022, where the country began buying one Bitcoin every day. This move followed the significant decision in September 2021 when El Salvador became the first country to adopt Bitcoin as legal tender.
In addition to direct purchases of Bitcoin, the country employs various methods to accumulate Bitcoin, such as passport sales, currency exchange, mining, and other government services. According to a previous report by Reuters, as of May 15, 2024, El Salvador had mined 473.5 Bitcoins (BTC) using the geothermal energy of the Tecapa volcano.
