El Salvador expanded its Bitcoin holdings

El Salvador expanded its Bitcoin holdings by adding 11 BTC yesterday, February 4, as part of President Nayib Bukele’s ongoing strategy to accumulate cryptocurrencies, especially during periods of low prices.

According to the Nayib Bukele Portfolio Tracker, El Salvador’s total Bitcoin reserves have risen to 6,067.18 BTC, with an estimated value of around $613.7 million.

After the country began a policy of buying one Bitcoin per day, the pace of accumulation has accelerated recently, with the National Bitcoin Office adding more than 20 BTC in just one week.

Bukele explained that the goal is to continue to strengthen the strategic Bitcoin reserve, noting that the government is taking advantage of opportunities to buy at a low price, such as after the US government announced a $6.7 billion sale of Bitcoin assets, which led to market volatility and El Salvador seized the opportunity.

Since Bitcoin became legal tender in September 2021, El Salvador has launched several cryptocurrency-related initiatives, including Bitcoin-backed bonds, volcanic mining, and an investment-linked citizenship program.

Despite a $1.4 billion financing agreement with the International Monetary Fund last month, which included scaling back some Bitcoin policies such as removing the requirement for companies to accept it as a form of payment and halting tax settlements, El Salvador remains committed to its cryptocurrency strategy.

Stacey Herbert, director of the National Bitcoin Office, confirmed that the country continues to buy Bitcoin at an accelerated pace.

El Salvador’s economic policies have also attracted major companies such as Tether, which has moved its headquarters to the country, in addition to President Bukele’s invitation to international technology companies such as Rumble to expand their operations in El Salvador.