El Salvador’s Crypto Wallet Actively Continue Daily Bitcoin Purchases: BitInfoCharts Data
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El Salvador, one of the early adopters of crypto, has been continuing its “1 BTC a day program,” purchasing the crypto even during market slump.
Data from BitInfoCharts revealed that the nation’s crypto wallet address has been actively purchasing 1 Bitcoin (BTC) per day. The data emphasizes strategic accumulation through a government-controlled cold wallet since March.
The country has been consistently buying BTC daily, after the Salvadoran President Nayib Bukele announced the move in November 2022.
In March, Bukele reiterated that El Salvador will keep buying 1 Bitcoin daily, until it “becomes unaffordable with fiat currencies.” This came after the President confirmed in February that the country is currently not intending to sell its BTC reserves.
Further, the Latin American nation has transferred a “big chunk” of its crypto holdings to a cold wallet, which according to Bukele, the country’s “first Bitcoin piggy bank.”
Reportedly, El Salvador received Bitcoins from crypto exchange Bitfinex. Also, a separate report by Reuters revealed that, El Salvador mined 474 BTCs in the last three years, using the geothermal power of the Tecapa volcano.
Last month, the LatAm nation announced plans to advance Bitcoin integration into its banking system. It submitted a reform proposal, which targets enabling the bank to conduct operations in BTC and the US dollar.
Market Fluctuations Doesn’t Affect El Salvador’s BTC Purchases
El Salvador’s unwavering commitment to Bitcoin purchases and ambitious objectives, reflects the country’s faith in the cryptocurrency.
Interestingly, the country has been continuing its BTC purchase even at a time when Bitcoin price is plummeting.
Bitcoin price has crashed toward $58,000 as the total liquidations reached $260 million. Seen trading above $63,000 on July 2, the price of the world’s largest crypto tumbled and fell below $60,000 today. At the time of writing, it trades at around $58,471.
The BTC dip has dragged down several altcoins, and Bitcoin saw a decline of 3.7% in the last 24 hours.
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