El Salvador Amends Bitcoin Law, But BTC Purchases Continue; Role in Crypto Space Is Growing

El Salvador has established itself as an unambiguous strategic Bitcoin miner and acquirer and has recently become a favorable space for a number of major crypto platforms to relocate.

El Salvador amended some points of its Bitcoin law on January 29, making it no longer a legal tender and sparking talk of the global crypto experiment ending.

However, the accumulation of Bitcoin as a national reserve is not stopping, and El Salvador just bought 11 BTC and 1 BTC, now holding 6,068.18 BTC.

More About El Salvador’s Regulatory Changes & Purchasing

El Salvador has positioned itself as an evident strategic Bitcoin miner and acquirer, and recently became a welcoming space for several major crypto platforms to relocate.

However, on January 29, El Salvador’s Congress quickly approved a bill sent just minutes prior by President Nayib Bukele, amending its Bitcoin law to comply with a deal with a key international lender, making acceptance of the cryptocurrency voluntary.

This might have seemed alarming, and even an end to the largest national-scale Bitcoin experiment in history. However, it is not yet, and is now likely to shift focus to the US, which is also moving in this direction.

Moreover, Bitcoin purchases are not over and El Salvador bought 11 BTC today, worth $1.1 million, and just now another 1 BTC, at $99.1K.

Their holdings are 6,068.18 BTC, now worth ~$605.3M.

Conclusion

The worries are likely to be false alarms, and El Salvador’s role in the crypto space is growing. Judging by the official data, further purchases are likely to be seen, so we will wait for updates.

Be informed and stay tuned.

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