El Salvador to Continue Buying Bitcoin Until it Becomes ‘Unaffordable’

2024-3-17 19:40

El Salvador’s President Nayib Bukele reaffirmed the nation’s daily dedication to purchasing one Bitcoin.

Bukele disclosed the transaction receipt for the day’s purchase, reflecting the country’s ongoing commitment to this initiative.

One Bitcoin a Day Proving Successful

In November 2022, Bukele announced a dollar-cost averaging (DCA) plan for El Salvador. At the time, he committed to purchasing one BTC per day as part of the country’s pro-crypto policy.

Despite facing initial criticism from various international financial organizations due to the bearish performance of the crypto market at the time, the decision has proved to be a strategic success. The recent surge in Bitcoin’s value has resulted in significant unrealized profits for El Salvador.

As such, President Bukele confirmed that El Salvador will continue its Bitcoin DCA strategy indefinitely. Data shows that the country has spent over $15 million to acquire 485 BTC through this approach at an average purchase price of $30,985. As of now, this stash alone is worth more than $33 million.

“[The 1 Bitcoin a day program] continues until Bitcoin becomes unaffordable with fiat currencies,” Bukele stated. 

Read more: Who Owns the Most Bitcoin in 2024?

El Salvador’s Bitcoin Portfolio. Source: Nayib Tracker

It is worth noting that when El Salvador’s previous purchases and Bitcoin earnings from other channels, like its citizenship program, are factored in, the total holdings amount to 5,690 BTC, valued at $387.88 million.

Whales Continue Accumulating BTC

Bukele’s remarks echo the prevailing sentiment. Over the past weeks, Bitcoin whales have been eager to increase their holdings. On-chain data from Santiment reveals that wallets with 10 to 10,000 BTC aggressively amassed 154,160 BTC, valued at $10.6 billion, in the last five weeks.

These purchases significantly contributed to Bitcoin’s recent price surge.

“Bitcoin’s key stakeholders have been largely responsible for the secondary wave of market cap growth over the past 5 weeks. Wallets holding between 10-10K BTC accumulated 154.16K coins (0.665% of supply) since Feb. 4th, currently worth over $10.9 billion,” Santiment said.

Read more: Bitcoin Price Prediction 2024/2025/2030

Bitcoin Whales Accumulation. Source: Santiment

During this timeframe, MicroStrategy finalized a debt-financed strategy to procure over 12,000 BTC for $821 million. Still, the company is actively pursuing an expansion of its existing 205,000 BTC reserve by raising up to $600 million via a convertible debt offering.

The post El Salvador to Continue Buying Bitcoin Until it Becomes ‘Unaffordable’ appeared first on BeInCrypto.

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