The latest statement by Naib Bukele demonstrates the growth of El Salvador’s Bitcoin holding

Mar 27, 2024
El Salvador, which legalized BTC as a means of payment in 2021, continues to increase its reserves of the largest cryptocurrency.

The country’s president, Naib Bukele, said on Monday that the nation now owns 5,700 BTC. At the current price of just over $70K, the volume of the Bitcoin holding in El Salvador is more than $400M.

Earlier, Bukele noted that the country’s digital assets have been transferred to cold storage and published the address of the crypto wallet. The volume of Bitcoin on the wallet amounted to 5,690 BTC, which is significantly more than the public asset trackers of El Salvador had assumed.

Recall that at one point, public trackers were disabled, because in addition to the country’s policy of buying one Bitcoin per day, El Salvador also added tokens received from currency conversion, as well as from the mining industry and government services.

Constantly positioning itself as a Bitcoin-friendly country, El Salvador also this month abolished income tax on money entering the country from abroad. This change in tax legislation has made El Salvador an attractive destination for foreign investment.

In December, the country also introduced a law granting Bitcoin citizenship to investors who make a donation to the state treasury.