The El Salvadoran government under President Nayib Bukele is continuing its bold strategy of purchasing 1 Bitcoin (BTC) every day with its total assets currently valued at $359.58 million.
At the time of writing, the El Salvador government holds a total of 5,877 BTC.
Daily purchases began in late 2022, and on-chain recording of transactions began in March of this year.
This ongoing commitment to Bitcoin comes after El Salvador’s historic decision to adopt BTC as its official currency in 2021, a groundbreaking move that made global headlines. President Bukele addressed the decision in an interview with Time magazine on August 29, acknowledging that Bitcoin adoption had been slower than expected.
“Definitely much more could have been done. Bitcoin has not been adopted as widely as we expected,” Bukele said, expressing optimism despite the difficulties.
When examining the onchain data, it can be seen that El Salvador does indeed buy 1 BTC on the chain every day.
*This is not investment advice.