El Salvador Continues to Hodl: 5,770 BTC ($402M) in Reserves
CryptoNewsTerminal Staff04 Jun, 2024
El Salvador Continues to Hodl: 5,770 BTC ($402M) in Reserves
El Salvador now holds 5,770 #BTC worth over $402M, according to data from Bitcoin Magazine. The country added about 7 BTC in the last seven days and has accumulated 30 BTC in the last 30 days. El Salvador became the first country to adopt Bitcoin as legal tender on September 7, 2021, and has been accumulating BTC on a national level ever since. The move was spearheaded by Nayib Bukele, the country's pro-Bitcoin president, who recently secured a second term in office. Bukele has been a vocal advocate for Bitcoin, touting its potential to boost El Salvador's economy and reduce its reliance on the US dollar. However, the country's Bitcoin adoption has also been met with some criticism, with some experts warning of the risks associated with investing in a volatile asset like Bitcoin. Despite the criticism, El Salvador appears to be doubling down on its Bitcoin bet. The country's latest purchase of 7 BTC is a sign that Bukele and his government remain confident in the long-term prospects of the cryptocurrency. ```
