El Salvador's $600M Bitcoin Hoard Keeps Growing with Daily Purchases
El Salvador continues to purchase one Bitcoin every day under its 'one Bitcoin a day' policy, which has seen the country's national stockpile surpass $600 million. The latest addition brought the total to 7,762.37 BTC, valued at $602.84 million at current prices.
This makes El Salvador the fifth-largest holder of BTC reserves, according to bitcointreasuries.net. Notably, the country took advantage of a significant dip in Bitcoin's price last November and scooped up over 1,000 BTC, valued at $98 million, on a single day.
As of this writing, El Salvador has recorded an unrealized profit of $167.82 million on its BTC cache, according to DropsTab. The country's adoption of Bitcoin as legal tender in 2021 and subsequent efforts to integrate it into education, public administration, and economic infrastructure have been notable.
Despite the International Monetary Fund requiring El Salvador to halt public sector Bitcoin purchases as part of a $1.4 billion funding deal last year, the country has continued its daily purchases under this new voluntary acceptance framework.