El Salvador Continues to Expand Its Bitcoin Reserve Amid Market Dip
El Salvador has once again taken advantage of the Bitcoin dip, adding 1 BTC to its Strategic Bitcoin Reserve (SBR) and bringing its total holdings to 6,093.18 BTC, valued at over $523 million. In the past week alone, the country added 12 BTC worth over $1 million, while in the last 30 days, it accumulated 44 BTC valued at more than $3.7 million, according to the National Bitcoin Office (ONBTC).
This move is part of President Nayib Bukele’s strategy of purchasing Bitcoin daily using a dollar-cost averaging approach, which has been in place since late 2022. Despite an agreement with the International Monetary Fund (IMF) to scale back its crypto ambitions under a $1.4 billion loan deal, El Salvador has continued to buy Bitcoin. The IMF deal required the country to make Bitcoin acceptance optional for businesses, limit public sector involvement in crypto, and enforce tax payments exclusively in U.S. dollars.
In January, El Salvador’s Legislative Assembly approved modifications to the Bitcoin law, removing the term ”currency” but maintaining Bitcoin as legal tender. These changes, set to take effect on May 1st, give businesses the freedom to accept Bitcoin at their discretion. Meanwhile, students in El Salvador are learning about private and public key generation, Bitcoin transaction data, and using ColdCard simulators as part of the nation’s ongoing Bitcoin education efforts.
El Salvador’s ambassador to the United States, Milena Mayorga, reinforced the government’s commitment to Bitcoin, emphasizing that the Bitcoin Law and the Bitcoin Office remain active. However, a recent survey by the Jesuit Central American University found that 92% of Salvadorans did not use Bitcoin in 2024, highlighting a gap between the government’s enthusiasm for Bitcoin and its adoption by the public.
Featured image from: coingape.com