Among the early cryptocurrency consumers, El Salvador has maintained its “1 BTC a day” initiative, purchasing the cryptocurrency even during market downturns.
The nation’s crypto wallet address has been actively purchasing 1 Bitcoin (BTC) per day, according to data from BitInfoCharts. Since March, the data has underscored the importance of strategic accumulation through a government-controlled frozen wallet.
Following the announcement by Salvadoran President Nayib Bukele in November 2022, the nation has been consistently purchasing Bitcoin daily.
Bukele reiterated in March that El Salvador will continue to purchase one Bitcoin daily until it becomes “unaffordable with fiat currencies.” This occurred after the President’s declaration in February that the nation does not intend to dispose of its Bitcoin reserves.
Additionally, the Latin American nation has transferred a significant portion of its crypto holdings to a cold wallet, which Bukele refers to as the “first Bitcoin piggy bank” in the country.
It has been reported that Bitfinex, a cryptocurrency exchange, transferred Bitcoins to El Salvador. Additionally, a distinct report by Reuters disclosed that El Salvador mined 474 BTCs over the past three years, utilizing the geothermal power of the Tecapa volcano.
The LatAm nation announced intentions to advance the integration of Bitcoin into its banking system last month. It submitted a reform proposal to facilitate the bank’s US dollar and BTC operations.
Market Fluctuations Don’t Affect El Salvador’s BTC Purchases
El Salvador’s unwavering dedication to Bitcoin purchases and ambitious objectives indicates the nation’s confidence in cryptocurrency.
Intriguingly, the nation has maintained its acquisition of Bitcoin (BTC) despite the decline in its price.
The price of bitcoin has plummeted to $58,000 due to the $260 million in total liquidations. The price of the world’s largest cryptocurrency plunged below $60,000 today after the price was observed trading above $63,000 on July 2. It is currently trading at approximately $58,471.
The BTC dip has impacted several altcoins, and Bitcoin has experienced a 3.7% decline in the past 24 hours.