El Salvador Becomes Sixth Country to Hold Over 6,000 Bitcoin
El Salvador has solidified its position as a global Bitcoin leader by becoming the sixth nation to hold over 6,000 BTC.
On Dec. 29, the country added one more Bitcoin to its portfolio, bringing its total holdings to 6,000.77 BTC, valued at approximately $569.3 million, according to the National Bitcoin Office’s portfolio tracker.
The country’s Bitcoin investment has surged by 108.02%, with an average purchase price of $45,450 per coin, based on President Nayib Bukele’s portfolio tracker.
El Salvador Continues Bitcoin Push
El Salvador began its Bitcoin journey on Sept. 6, 2021, purchasing its first 200 BTC, shortly before becoming the first nation to adopt Bitcoin as legal tender.
Among nations with significant Bitcoin reserves, El Salvador ranks sixth, trailing the United States, China, the United Kingdom, Ukraine, and Bhutan, as per BitBo’s Bitcoin Treasuries data.
Despite facing international criticism, including from the International Monetary Fund (IMF), the Bukele administration remains committed to its Bitcoin strategy.
Big News for #bitcoin enthusiasts🚀🚀
El Salvador has become the sixth country to currently hold more than 6,000 Bitcoin (BTC). pic.twitter.com/VzWzu7X88N
— Whale Catcher🐋🚀 (@Whale__Catcher) December 29, 2024
Notably, El Salvador’s National Bitcoin Office Director, Stacy Herbert, indicated in a Dec. 19 social media post that the country could accelerate its Bitcoin acquisitions.
The government has also clarified it has no plans to sell its holdings, reaffirming that Bitcoin remains central to its economic strategy.
The Chivo wallet, El Salvador’s official Bitcoin wallet, will reportedly be sold or phased out, with private-sector wallets expected to fill the gap.
Meanwhile, the $1.4 billion deal with the IMF remains pending approval. The negotiations, strained by the government’s Bitcoin policies, could mark a turning point after four years of discussions.
US States Consider Adding Bitcoin To Reserves
Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.
The initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves.
On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.
Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.
Furthermore, corporate Bitcoin holders like MicroStrategy and Metaplanet have expanded their Bitcoin holdings.
MARA Holdings (MARA) has also bought 11,774 BTC in the latest acquisition, the company announced on X on Dec. 10.
Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further.
However, the United States government is not expected to purchase Bitcoin in 2025, according to Galaxy Digital’s head of research, Alex Thorn.
In a report published on December 27, Thorn predicted that while discussions around a Bitcoin reserve policy may progress, the government will focus on managing its existing Bitcoin stockpile rather than acquiring more.
Source: cryptonews.com
