- El Salvador has increased its Bitcoin (BTC) holdings to $407 million.
- Some of it will be kept in a cold storage wallet, then sealed within a physical vault.
- President Nayib Bukele said they will buy one Bitcoin daily until a single unit of it “becomes unaffordable with Fiat currencies.”
The Bitcoin Announcements of El Salvador
El Salvador remains bullish about Bitcoin as it just increased its holdings to $407 million based on Reuters. The recent purchase was made this week as the largest cryptocurrency by market cap reached a new all-time high of $73,750.07. President Nayib Bukele revealed that they will be keeping a “big chunk” of the nation’s BTC haul in a cold storage wallet, which will be protected within a physical vault.
El Salvador was the first country in the world to adopt Bitcoin as a legal tender in September 2021. The Central American country’s initial purchase of BTC wasn’t clear but it reportedly began at the same time it made the historic announcement.
According to President Nayib Bukele, their government will buy one unit of the crypto asset daily. There hasn’t been much clarity about the extent of this buying spree though, but he said it will be until “Bitcoin becomes unaffordable with fiat currencies.”
However, if the information on Nayib Bukele Portfolio Tracker is more accurate, El Salvador may already be sitting on a 5,690 BTC treasure trove with an average purchase price of $42,640.97. Doing the math, its overall investment may be around $242.63 million.
As of this writing at 6:00 AM UTC on Saturday, that supply would amount to $392.61 million, which would have already profited El Salvador $149.98 million. Meanwhile, if it sold exactly at the latest ATH, its investment would have grown to 419.64 million, which would have profited the nation $177.01 million.
Bitcoin Now
Bitcoin appears to be moving on a consolidation phase around $69,000. Nevertheless, it’s still up over 2% on the 24-hour chart, 1% on the seven-day frame, 32% within a month, and a whopping 182% in the past year.
Interestingly, the trading volume of the cryptocurrency was down by 16% on the same period as $62.58 billion worth of its supply moved between wallets and exchanges. The same span saw its price hover between a $65,630.69 low and a $70,557.61 high.
The dip puts the overall valuation of BTC’s circulating supply of around 19.66 million down to $1.36 trillion. This allowed silver to reclaim the eighth spot among the top assets in the world by market cap at $1.43 trillion as Bitcoin slid to ninth today.