El Salvador Bitcoin Buying Spree Continues, BTC Holdings Now At 6,000

Scott Matherson

5 months ago

3 mins read

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Since making Bitcoin a legal tender in 2021, the El Salvador government, led by President Nayib Bukele, has pursued a consistent strategy of accumulating Bitcoin. This Bitcoin accumulation strategy, which has largely paid off, has continued up until now.

According to recent data, El Salvador has now crossed the 6,000 BTC threshold. This makes El Salvador the sixth country behind the likes of the US, the UK, and Bhutan to hold 6,000 BTC or more.

El Salvador’s Bitcoin Strategy Reaches New Milestone

Unlike countries like the US and the UK, whose Bitcoin holdings are from seized assets from criminals, El Salvador’s Bitcoin holdings have been through consistent purchases. Notably, El Salvador’s deliberate and consistent approach to building a Bitcoin reserve has been a cornerstone of President Bukele’s vision to establish the small Central American country as a leader in the crypto industry.

According to data from the official website of El Salvador’s Bitcoin portfolio tracker, the country added another BTC to its reserve in the past 24 hours. This BTC was acquired at $94,702 and essentially pushed the total holdings to 6,000.77 BTC.

Interestingly, a detailed look at the data shows that El Salvador has purchased around 50 more BTC since the beginning of December. This growth has mostly been consistent with 1 BTC purchased each day, except for December 20 and December 22, which were highlighted by purchases of 11 BTC.

At the time of writing, El Salvador’s Bitcoin stash is worth a little over $570 million. This value has grown massively in the past three months and could grow more in 2025. Particularly, El Salvador’s Bitcoin portfolio reached a peak value of $643 million on December 17 when the Bitcoin price peaked at $108,135.

Image from bitcoin.gob.sv

Outlook For El Salvador’s Bitcoin Stash

Despite initial skepticism from international organizations and financial experts, this strategy appears to have yielded positive results over time, largely due to Bitcoin’s price surge this year. According to data from nayibtracker.com, El Salvador is currently sitting on $157 million in profit from its Bitcoin purchases, having bought its 6,000 BTC at an average price of $45,465.

BTC is currently trading at $94,958. Chart: TradingView

El Salvador’s first Bitcoin purchase was made in September 2021 and is currently showing no signs of stopping soon. However, the country did reach an agreement recently with the IMF to scale back its Bitcoin purchase trends in order to be able to secure funding. Although this agreement was made on December 18, El Salvador doubled down and bought 11 more BTC just days later.

At the time of writing, Bitcoin is trading at $95,030. Technical analysis suggests that the cryptocurrency is on track to reach new highs by 2025, with peak price targets ranging from $150,000 to $1 million. This, in turn, is going to allow the value of El Salvador’s Bitcoin portfolio to keep growing.

Featured image from Getty Images, chart from TradingView

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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