El Salvador, the only country where Bitcoin remains legal tender, has increased its purchases again, supported by its pro-crypto president, Nayib Bukele.
The president confirmed the recent unusual purchase in a tweet on Thursday. Bukele shared a screenshot of the hefty purchase from El Salvador’s Bitcoin Office—a platform it designed to track its on-chain activities.
According to the website, El Salvador bought 11 BTC worth over $1.047 million on December 8. Notably, the acquisition diverged from its typical one bitcoin per day campaign amidst a resolution to double down on its purchases of the pioneering cryptocurrency.
El Salvador Doubles Down on Bitcoin
The Wednesday 11 BTC acquisition is El Salvador’s third massive one-time purchase since December 20. For context, the North American country bought 11 BTC on December 20 and another one on December 22 before repeating yesterday.
Meanwhile, the growing exposure follows the country’s resolution to double down on Bitcoin. El Salvador’s senior Bitcoin adviser, Max Keiser, disclosed that the government will ramp up its accrual of the largest cryptocurrency by market cap, targeting 20,000 more BTC.
El Salvador holds 6,022 Bitcoin tokens worth $567 million at the current market price. However, the country spent $145 million to acquire the assets, which cost an average of $45,641 per coin.
Bukele Eyes More Bitcoin
El Salvador has acquired 62.42 BTC in the past 30 days, about 33 BTC more than it usually purchases. Still, Bukele seems hungry to buy more at a discounted price.
The president reacted to a recent development involving the United States’ possible Bitcoin sales, stating it could mean he can buy the asset at a discount. For context, a federal court cleared the US Department of Justice (DOJ) to sell 69,370 BTC ($6.5 billion) confiscated from the Silk Road clampdown.
Notably, this development came less than 12 days before the inauguration of pro-crypto president Donald Trump. The 47th US president vowed never to sell America’s Bitcoin but to buy more as a strategic reserve asset.
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