In a remarkable display of confidence in the digital currency, Salvador is steadily adding to its Bitcoin reserves, with one BTC being acquired daily. This ongoing accumulation showcases the city’s commitment to embracing the potential of cryptocurrency in everyday transactions.
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Salvadoran President Nayib Bukele has reaffirmed his country’s commitment to embracing Bitcoin, declaring that El Salvador will continue acquiring one BTC per day until the cryptocurrency surpasses fiat currencies in affordability. This decision highlights El Salvador’s strong belief in the long-term potential of Bitcoin.
In a historic move back in September 2021, El Salvador became the first country to recognize Bitcoin as legal tender alongside the US dollar. Since then, the government has been pushing forward efforts to integrate BTC into the national economy, despite reservations expressed by the IMF.
The introduction of the “1 Bitcoin per Day” program in November 2022 exemplifies El Salvador’s determination to build up BTC reserves over time. The daily acquisitions are stored in the same wallet that recently secured a significant portion of the country’s BTC holdings.
To ensure security, the Salvadoran government recently transferred a substantial amount of its Bitcoin reserves to a cold wallet, storing them in a physical vault within the country’s borders.
Through this regular purchasing strategy, El Salvador has reaped the benefits of the recent surge in Bitcoin prices. With 5,748 BTC in possession, equivalent to over $360 million, the country now boasts a capital gain of $57 million.
Despite the relatively modest size of El Salvador’s BTC reserves compared to other governments and companies like MicroStrategy, the country remains optimistic about Bitcoin’s potential to appreciate in value and utility in the future.
The launch of a blockchain explorer by the National Bitcoin Office (ONBTC) further demonstrates El Salvador’s transparency in its BTC transactions.
El Salvador’s unwavering commitment to Bitcoin, as evidenced by its daily acquisitions and ambitious goals, reflects the country’s confidence in the cryptocurrency’s potential. While Bitcoin adoption among the population remains limited, the government continues to pursue its strategy, believing that Bitcoin will be a catalyst for economic growth in the country.
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1. How much Bitcoin does Salvador accumulate every day?
– Salvador accumulates 1 BTC every day.
2. What does Salvador do with the Bitcoin he accumulates?
– Salvador continues to accumulate the Bitcoin.
3. How often does Salvador accumulate Bitcoin?
– Salvador accumulates 1 BTC every day.
4. Is there a limit to the amount of Bitcoin Salvador can accumulate?
– As of now, there is no limit to the amount of Bitcoin Salvador can accumulate.
5. Why is Salvador accumulating Bitcoin every day?
– Salvador is accumulating Bitcoin as a long-term investment strategy.
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