El Salvador Maintains Daily Bitcoin Purchases Amid Market Decline
El Salvador continues its commitment to buying Bitcoin, acquiring 1 BTC daily despite market downturns.
Data from Arkham Intelligence shows consistent purchases through a government-controlled wallet since March.
President Nayib Bukele announced this strategy in November 2022 and reaffirmed in March that the country would maintain daily Bitcoin purchases until fiat currencies can no longer afford it. He also emphasized that El Salvador has no plans to sell its Bitcoin reserves.
Additionally, a significant portion of the country’s Bitcoin holdings has been moved to a cold wallet, referred to by Bukele as their “first Bitcoin piggy bank.” El Salvador has also mined 474 BTC using geothermal energy from the Tecapa volcano over the past three years.
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Last month, El Salvador proposed a banking reform to incorporate Bitcoin into its financial system, allowing banks to operate with both Bitcoin and the US dollar.
Even as Bitcoin’s price dropped to around $58,471, El Salvador’s daily purchases continue, showcasing the nation’s unwavering confidence in the cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
