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- El Salvador continues to make headlines in the cryptocurrency world as it boosts its Bitcoin reserves, now holding a staggering 5,770 Bitcoins worth over $402 million.
- As Bukele embarks on his second five-year term, there is heightened anticipation for further advancements in the country’s Bitcoin adoption strategy.
The Latin American nation of El Salvador has been very popular for holding Bitcoins in its Treasury reserves and continues to add more. As of the latest update, El Salvador is currently holding 5,770 Bitcoins worth a staggering worth over a staggering $402 million.
The country has been buying Bitcoins at every instance over the past few weeks. In the last seven days, El Salvador has added 7 more Bitcoins to its kitty and 30 more Bitcoins over the past 30 days.
JUST IN: El Salvador now owns 5,770 #Bitcoin worth over $402 million 🇸🇻 pic.twitter.com/CaxBJo7Z51
— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
Nayib Bukele, El Salvador’s pro-Bitcoin President took the oath to office for his second five-year presidential term after a landslide victory in February. This made the crypto community more excited which expects some positive development in the country’s Bitcoin adoption plan.
“‘Bukele is Proof of Work—Cheers to 5 more years. God bless El Salvador,’ crypto commentator Cory Bates declared in a June 1 X post.
‘Exactly 5 years ago today, Nayib Bukele took the Oath of Office, becoming President of El Salvador. Ever since, the country has been a world leader—a beacon of freedom, safety, and innovation. The 1st Bitcoin President,’ added crypto media guru Pete Rizzo.
President Nayib Bukele has garnered significant support from the global crypto industry for his decision to adopt Bitcoin as legal tender. In September 2021, El Salvador became the first country to make Bitcoin legal tender, following the enactment of the Bitcoin law.
El Salvador’s Push for Bitcoin
Soon after getting re-elected as the President, Nayib Bukele, has joined forces with Cathie Wood, CEO of ARK Invest, to explore leveraging Bitcoin for the development of the country’s capital markets and technological advancement. Wood projected that El Salvador’s Gross Domestic Product could increase tenfold over the next five years if the nation continues its aggressive adoption of Bitcoin and artificial intelligence (AI).
This collaboration aims to position El Salvador as a leading hub for blockchain and cryptocurrencies, potentially attracting international investors and fostering the country’s development, per the Crypto News Flash report.
On the other hand, The Bitcoin Hardware Store, situated in El Zonte, famously known as Bitcoin Beach, has commenced retailing Bitaxe’s miniature mining devices. These compact Application-Specific Integrated Circuits (ASICs) are designed to encourage decentralized Bitcoin mining within the nation of El Salvador.
The store, renowned for its focus on offering tools for bitcoin self-custody, unveiled this initiative as part of its ongoing efforts to promote Bitcoin adoption and decentralized finance in the region, reported Crypto News Flash.
