El Salvador’s Bitcoin Holdings Cross 6,000 BTC, Valued at $569M

According to the National Bitcoin Office’s portfolio tracker, El Salvador’s Bitcoin holdings now stand at 6,000.77 BTC, worth approximately $569.3 million. This achievement follows a recent purchase of 1 BTC on December 29, bringing the country’s total investment to an impressive 108.02% gain. El Salvador acquired its Bitcoin stash at an average price of $45,450 per BTC.

Source: National Bitcoin Office

The nation made history in September 2021 when it became the first country to adopt Bitcoin as legal tender. Its initial purchase of 200 BTC set the stage for an ongoing acquisition strategy, often involving daily Bitcoin purchases. This approach was further amplified by a $1.4 billion agreement with the International Monetary Fund (IMF), which, despite the IMF’s concerns over Bitcoin’s risks, hasn’t deterred El Salvador from expanding its holdings.

Stacy Herbert, Director of the National Bitcoin Office, suggested in a December 19 post on X that El Salvador might even accelerate its Bitcoin buying strategy. A spokesperson from the office confirmed the nation’s steadfast commitment to its Bitcoin holdings, stating, “Bitcoin continues to be our main strategy,” and clarifying there are no plans to sell any of the accumulated cryptocurrency.

Source: X

However, Herbert revealed plans to either sell or phase out El Salvador’s government-backed Chivo wallet, signaling a shift toward private-sector wallets taking over Bitcoin services in the country.

While the IMF has yet to formally approve the deal with El Salvador, which concludes four years of tense negotiations, Bukele’s administration shows no signs of scaling back its pro-Bitcoin policies. These policies remain central to the country’s economic strategy, even as they draw criticism from international financial institutions.

El Salvador now holds the sixth-largest Bitcoin reserve among nation-states, solidifying its reputation as a global pioneer in cryptocurrency adoption.