El Salvador has continued its commitment to Bitcoin accumulation, adding 160 BTC to its reserves by purchasing one Bitcoin every day for the past five months. According to on-chain data from Arkham Intelligence, the Salvadoran government has been consistently buying 1 BTC daily since March 16, 2024.
This strategy has bolstered El Salvador’s total Bitcoin holdings to 5,851 BTC, currently valued at approximately $355.4 million based on the latest market prices. With an average purchase price of $44,835 per Bitcoin, the government has seen a floating profit of $93.45 million, reflecting a 35% increase in value.
The consistent accumulation comes despite Bitcoin’s volatile price movements. On March 16, Bitcoin was trading around $69,000, and while it saw a peak of $71,000 shortly after, prices later dropped to a low of $49,000 earlier this month. Despite these fluctuations, El Salvador, much like Bitcoin advocate Michael Saylor, has remained steadfast in its daily purchase strategy.
El Salvador, which became the first country to legalize Bitcoin as a currency on September 7, 2021, has pursued various initiatives to promote the cryptocurrency. The government operates a geothermal power plant fueled by volcanoes, which has enabled the country to mine over 474 Bitcoin since 2021.
In addition to increasing its Bitcoin holdings, the Salvadoran government has announced plans to educate its public servants and students about Bitcoin. The National Bitcoin Office (ONBTC) is launching a comprehensive 160-hour training and certification program for 80,000 public servants, divided into seven modules. This initiative underscores the country’s ongoing commitment to integrating Bitcoin into its economy and public infrastructure, even amidst market volatility.
