El Salvador authorities purchased 1098 bitcoins worth $100 million, the largest single-day purchase in the country’s history. El Salvador currently holds 7474 BTC worth approximately $676 million.
Since November 2022, the country has been regularly accumulating its flagship cryptocurrency, purchasing one bitcoin daily. President Nayib Bukele has repeatedly stated his belief in the long-term value of digital assets and his desire to build a solid financial foundation for his future with BTC.
El Salvador’s Bitcoin Authority Director Stacy Herbert said the government is purchasing bitcoins daily to give citizens «more control over their finances and thereby reduce their reliance on traditional banking institutions.»
Most residents of El Salvador use US dollars for everyday purchases and payments, so the government wants its citizens to stop relying on this currency and learn to use Bitcoin. In 2021, El Salvador became the first country in the world to recognize BTC as legal tender.
The country’s authorities continue to buy Bitcoin, despite its decline. Over the past 24 hours, the leading cryptocurrency has fallen more than 4,6% and is now trading at $91,400.
Nevertheless Bitcoin-assets have already generated almost $264,6 million in unrealized profits for the country. El Salvador now ranks fifth in terms of Bitcoin holdings, behind the United States, China, the United Kingdom, and the European Union.