President Bukele Acquires $2.3 Million Worth of Bitcoin To Honor El Salvador’s Bitcoin Day
El Salvador’s President, Nayib Bukele, celebrated the nation’s fourth anniversary of the Bitcoin Regulation by buying round $2.3 million value of Bitcoin. The nation not solely expanded its Bitcoin holdings to over $700 million but additionally proved its pro-crypto stance by persevering with its BTC integration.
El Salvador Expands Bitcoin Holdings
On Sunday, El Salvador purchased one other 21 BTC, bringing its whole holdings to six,313.18 BTC, value round $702 million. President Bukele revealed the information on his official X submit, saying, “Shopping for 21 bitcoin for Bitcoin Day.” That is a part of the nation’s “one Bitcoin a day” method, which has been applied since Bitcoin grew to become authorized tender in 2021.
In line with information from Bitcoin Office, the nation has added roughly 28 Bitcoins within the final 7 days and over 50 BTC within the final 30 days. This transfer underscores El Salvador’s dedication to integrating Bitcoin into its conventional economic system and academic system. Regardless of all of the hurdles it confronted since 2021, the nation continues to develop its BTC holdings.
Bitcoin is buying and selling at $111,943 presently, with a market cap of over $2.2 trillion. Nevertheless, the buying and selling quantity has declined this month. It began from $34 billion in buying and selling quantity and rose to round $60 billion by September 6, however now it has dropped to $26 billion.
El Salvador Growing Bitcoin Safety
In August, El Salvador redistributed its holdings throughout a number of addresses with a cap of 500 BTC per tackle. Later, the Nationwide Bitcoin Workplace revealed that the initiative was a part of a strategic transfer to boost the safety of its Nationwide Strategic Bitcoin Reserve.
The company hopes that splitting the nation’s BTC holdings into 14 smaller accounts may decrease the affect of a possible quantum assault.
To additional enhance the nation’s crypto framework, El Salvador handed an “Funding Banking Regulation” in August. This legislation permits main monetary establishments to supply Bitcoin and different cryptocurrency providers to “certified buyers.”
It additionally requires monetary establishments to hunt licenses earlier than offering digital asset-related providers, which routinely enhances the safety commonplace of El Salvador’s crypto framework.
