El Salvador has achieved a significant milestone by exceeding 6,000 Bitcoin (BTC) in its national reserves. The latest addition on December 29 brought the total to 6,000.77 BTC, worth around $569.3 million.
The country’s Bitcoin investments grew by 108.02%, with an average purchase price of $45,450 per coin. The initiative started in September 2021 when President Nayib Bukele announced Bitcoin as legal tender and made the first purchase of 200 BTC.
El Salvador is now sixth in the world for Bitcoin reserves, behind the United States, China, the United Kingdom, Ukraine, and Bhutan. The government is buying Bitcoin, showing it wants to use digital currency, even though it faces criticism from the International Monetary Fund (IMF).
Stacy Herbert, the Director of the National Bitcoin Office, said that Bitcoin purchases could go up, and the government plans to keep its Bitcoin without selling it. The Chivo wallet, the country’s official Bitcoin wallet, will be replaced by private-sector wallets to make transactions easier for citizens.
El Salvador is in talks with the IMF about a $1.4 billion deal, but it’s complicated because of the country’s Bitcoin policies.
