El Salvador continues its "1 BTC a day program" despite recent market downturns. Data from BitInfoCharts confirms this ongoing strategy of the first crypto country of the world.
The first crypto country keeps doing phenomenal things.
The nation's crypto wallet has been consistently acquiring one Bitcoin daily since March. And there is no sign of stopping that bullish trend.
President Nayib Bukele's anounced this politics in November 2022. Bukele then reaffirmed the policy in March 2024. He also said that purchases would continue until Bitcoin "becomes unaffordable with fiat currencies."
Basically it means, El Salvador is going to buy Bitcoin until the time when fiat currencies won't matter anymore in the financial world, believe it or not.
He also confirmed in February that El Salvador has no plans to sell its BTC reserves.
The country has moved a significant portion of its holdings to a cold wallet. Bukele referred to this as El Salvador's "first Bitcoin piggy bank." Reports indicate the nation received Bitcoins from crypto exchange Bitfinex.
Additionally, El Salvador has mined 474 BTCs over the past three years. This was achieved using geothermal power from the Tecapa volcano, according to Reuters.
The Latin American nation recently proposed banking reforms. These aim to enable banks to conduct operations in both Bitcoin and US dollars. This move signals a deepening integration of cryptocurrency into El Salvador's financial system.
No wonder, the country stays faithful to its declared policy of 'buying, buying, buying' regardless of the circumstances. Which kind of reminds us Michael Saylor's bullish sentiments, right?
El Salvador's commitment to Bitcoin remains steady despite market fluctuations. The country continues its purchases even as Bitcoin's price has fallen sharply.
Bitcoin recently plummeted to around $58,000. This decline followed a high of over $63,000 on July 2. Total liquidations reached $260 million during this period.
The cryptocurrency experienced a 3.7% drop in 24 hours. This downturn has also affected various altcoins.
El Salvador's persistent Bitcoin strategy reflects its long-term faith in the cryptocurrency. The nation maintains its purchase schedule regardless of short-term market volatility.