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El Salvador’s Bitcoin holdings have exceeded 6,000 BTC, now valued at $569 million, cementing its status as a global leader in cryptocurrency adoption. The bold strategy faces scrutiny from the IMF, which continues to push for policy changes during ongoing negotiations.
El Salvador Surpasses 6,000 Bitcoin Milestone
El Salvador's president, Nayib Bukele, has further cemented Bitcoin's position as a treasury asset by becoming the sixth country to possess more than 6,000 BTC.
El Salvador's portfolio tracker, maintained by the National Bitcoin Office of El Salvador, shows that the country's holdings reached 6,000.77 Bitcoin on December 29th, with a current value of $569.3 million.
El Salvador has had a return on its Bitcoin investment of 108.02% after buying 6,000.77 Bitcoin at an average price of $45,450, as reported by the Nayib Bukele portfolio tracker.
Bitcoin Declared Legal Tender in 2021
El Salvador was the first country in the world to declare Bitcoin legal tender on September 6, 2021, about the same time that the Bukele-led government bought its first 200 Bitcoin.
According to BitBo's Bitcoin Treasuries statistics, El Salvador is the sixth country in the world with the most Bitcoin, behind only the US, China, UK, Ukraine, and Bhutan.
IMF Pressure Mounts Amid Bitcoin Expansion
Despite the International Monetary Fund's (IMF) suggestion that El Salvador reduce its Bitcoin activity, the country acquired $1 million worth the day after it struck a $1.4 billion contract and again on December 22, despite the fact that it normally buys one Bitcoin each day.
Plans for Accelerated Bitcoin Purchases
In a post on December 19th, Stacy Herbert, director of El Salvador's national bitcoin office, hinted that the Central American nation would keep buying Bitcoin at a "accelerated pace."
According to a representative from the Bitcoin Office, who spoke with Cointelegraph, "Bitcoin continues to be our main strategy." This means that El Salvador will not be selling its Bitcoin holdings.
Herbert, on the other hand, anticipates that private Bitcoin wallets will "continue serving El Salvador" and that El Salvador's Chivo wallet "will be sold or wound down."
After four years of tense discussions, the El Salvador accord is finally nearing approval from the International Monetary Fund (IMF). The pact has been plagued by Bukele's Bitcoin policies, which the IMF has claimed placed the country at risk.
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