El Salvador’s Daily Bitcoin Purchase Hits 160 BTC ($10.31M) Since March

The government of El Salvador has been steadily accumulating 1 Bitcoin per day since March, according to the latest on-chain data. The continuous purchase has added 160 BTC worth $10.31 million to their holdings.

Since adopting Bitcoin as legal tender in 2021 amidst widespread criticism, the Central American nation has continuously shown its commitment to boosting its Bitcoin reserves.

El Salvador Doubles Down on its BTC Strategy

Per data from Arkham Intelligence, El Salvador has been adding one BTC daily since March 16. The cold wallet currently holds 5,851 BTC valued at $357.3 million at press time. The average cost of purchase is $44,835.

Currently, the country’s Bitcoin portfolio is up 35%, sitting on an unrealized profit of $93.45 million.

Notably, these purchases are part of Salvadoran President Nayib Bukele’s promise to buy one Bitcoin every day until the cryptocurrency becomes unaffordable with fiat currencies.

The country’s commitment to its bitcoin policy was further demonstrated when it transferred a significant amount of its treasury holdings to a cold wallet earlier in March.

To create greater transparency around its Bitcoin ownership, the South American nation launched a website earlier this year dedicated to disclosing information on its treasury holdings to the public.

El Salvador Announces Bitcoin Certification for 80,000 Public Servants

Earlier this week, the National Bitcoin Office (ONBTC) of El Salvador announced plans to train and provide Bitcoin instructions and certifications to 80,000 government employees.

The new program is a 160-hour training class that is segregated into seven modules each detailing several concepts, laws, skills, and management related to the use of Bitcoin as legal tender.

Stacy Herbert, Director of the Bitcoin Office, spoke on the relevance of the move, saying:

“Thousands of El Salvador’s civil servants will soon receive the highest standard of instruction on bitcoin. And this will have the compounding effect of excellence begetting more excellence in El Salvador, the home of new capital markets on bitcoin”.

At press time, the leading cryptocurrency Bitcoin traded at $61,037, which represents a 0.53% decline in the past 24 hours.