El Salvador took full advantage of Thursday’s market decline by buying up to 11 Bitcoin (CRYPTO:BTC), worth more than a million dollars, for your reserves.
What happened
According to the National Bitcoin Office, an agency commissioned by the president Nayib Bukele To oversee everything related to the world’s leading Cryptocurrency, the Central American nation increased its daily purchase count to 11, 10 more than the one Bitcoin per day policy.
🇸🇻We just transferred over a million dollars worth of Bitcoin to our Strategic Bitcoin Reserve. pic.twitter.com/4ZrxGw9Od0
— The Bitcoin Office (@bitcoinofficesv) December 20, 2024
With the latest acquisition, the country’s Bitcoin reserves grew to 5,980.77, valued at $581 million at current prices, with an unrealized profit of over $307 million.
Aggressive buying after the market crash, which occurred during a sharp turn lower, saw BTC fall below $96,000.
More Read
Why is it important
The purchases come a day after El Salvador signed a $1.4 billion loan agreement with the International Monetary Fundwhich includes a condition that the country must reduce its bet on Bitcoin.
However, Stacy Herbertdirector of the National Bitcoin Office, stated that El Salvador will continue to purchase Bitcoin at an “accelerated pace” and that Bitcoin-friendly policies will continue to be implemented.
🇸🇻EL SALVADOR SECURES $3.5 FUNDING DEAL
➡️Bitcoin remains legal tender
➡️El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve
➡️Bitcoin capital markets will continue to be built; for example, the recent tokenized issuance…
— Stacy Herbert 🇸🇻🚀 (@stacyherbert) December 19, 2024
In 2021, El Salvador became the first country to adopt the leading digital asset as legal tender. Despite these efforts, Bitcoin adoption among Salvadorans remains low, with the majority still relying on the US dollar as the country’s primary currency.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $95,286.09, down 6.35% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: 5 stocks in focus this Friday: CCL, NKE, WGO, FDX and BB
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
