El Salvador Grows Bitcoin Reserves, Holding $359 Million in Crypto

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/09/20/el-salvador-grows-bitcoin-reserves-holding-359-million-in-crypto/ on 2024-09-20. Article ID: SD13180Tb3c0cbcc. Author: Gairika Mitra. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/09/20/el-salvador-grows-bitcoin-reserves-holding-359-million-in-crypto/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

El Salvador, the first country to adopt Bitcoin as legal tender, has been steadily increasing its Bitcoin reserves, currently holding about $359.58 million worth of Bitcoin.

As per recent data from crypto intelligence platform Arkham Intelligence, President Nayib Bukele’s government has been purchasing 1 Bitcoin per day since late 2022. The platform also reports that these purchases have been recorded directly on-chain since March of this year.

Source: Arkham Intelligence

We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022

On top of that, in 2021, El Salvador made Bitcoin an official currency. This move allowed the use of Bitcoin for various transactions, from paying taxes to buying coffee.

A New York Times report said this move is quite advancing. “El Salvador’s move puts it at the forefront of a revolution in finance on the blockchain, where a parallel universe of crypto-based alternative banking services is booming and eliciting alarm from officials in Washington and beyond,” the article said.

Not a lot is happening on Bitcoin

Despite the country’s progressive stanсe, Bitcoin adoption in El Salvador hasn’t met expectations.

In an interview with Time Magazine last month President Bukele revealed that Bitcoin isn’t still as famous as he had hoped for. “It hasn’t had the adoption we expected. The positive aspect is that it is voluntary; we have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin.”

Apart from this, Bukele highlighted that individuals who saved in Bitcoin have likely seen significant financial gains.

On the other hand, while discussing Bitcoin’s future, Bukele expressеd uncertainty about its potential as the currency of the future, but said he remains confident in its long-term promise as a financial asset.

He also revealed that El Salvador’s initial investment of approximately $135 million in Bitcoin has grown substantially, with around $400 million currently held in the public wallet.

“I feel that it could have worked better, and there is still time to make some improvements, but it hasn’t resulted in anything negative. On the contrary, it gave us branding, it brought us investments, it brought us tourism,” he shared.

Bukele emphasized that adopting Bitcoin has delivered significant advantages for El Salvador, calling it a “net positive” for the country. He added that the benefits far outweigh any challenges the nation has faced in implementing Bitcoin as a legal tender.

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GAIRIKA

Gairika is a cryptocurrency journalist with a focus on Bitcoin and blockchain technology.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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