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With the current price hovering just above $70,000 per Bitcoin, El Salvador’s holdings in the cryptocurrency have surged to approximately $400 million.
Since declaring Bitcoin as legal tender in 2021, El Salvador has been actively increasing its Bitcoin (BTC) reserves, a move championed by the country’s president, Nayib Bukele. In his recent announcement on Monday, Bukele revealed that the nation now possesses 5,700 Bitcoins, up from roughly 5,690 in mid-March.
Given Bitcoin’s current valuation, El Salvador’s stash of the digital currency exceeds the $400 million mark.
Earlier this month, Bukele disclosed that the country’s Bitcoin reserves had been transferred to cold storage, providing transparency by publishing the wallet address. This wallet revealed a holding slightly below 5,690 BTC, notably surpassing previous estimates by public trackers. The discrepancy arose due to various accumulation methods employed by El Salvador, including its daily purchase of one Bitcoin, acquisition through passport sales, currency conversions facilitated by businesses, mining activities, and government services.
El Salvador has consistently positioned itself as a nation embracing Bitcoin, evidenced by recent policy changes. In March, the country abolished income tax on funds entering from abroad, a move aimed at attracting foreign investment and appealing to Bitcoin enthusiasts. Additionally, a law introduced in December offers citizenship to Bitcoin investors who contribute a donation to the government, further solidifying El Salvador’s commitment to cryptocurrency integration.
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