El Salvador’s Steadfast Bitcoin Acquisition Continues Despite Market Slump

El Salvador, a pioneering nation in cryptocurrency adoption, continues its commitment to purchasing 1 Bitcoin (BTC) daily, even during market fluctuations. Data from BitInfoCharts shows that since November 2022, the country has consistently accumulated BTC through a government-controlled cold wallet.

President Nayib Bukele confirmed in March that El Salvador will persist with this strategy until Bitcoin becomes “unaffordable with fiat currencies.” Despite recent market slumps, with BTC prices dropping to around $58,471, El Salvador remains undeterred in its daily purchases.

Notably, the country has transferred a substantial portion of its crypto holdings to a cold wallet, dubbed the “first Bitcoin piggy bank.” Additionally, El Salvador has mined 474 BTC using geothermal power from the Tecapa volcano over the past three years.

In a further push for Bitcoin integration, El Salvador has proposed reforms to enable banking operations in BTC alongside the US dollar, signaling its long-term faith in the cryptocurrency despite current market volatility.