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Cryptocurrency News Articles
El Salvador Doubles Down on Bitcoin Purchases, Acquires 11 BTC Worth $1.047 Million
Jan 09, 2025 at 03:14 pm
El Salvador, the only country where Bitcoin remains legal tender, has increased its purchases again, supported by its pro-crypto president, Nayib Bukele.
El Salvador has increased its Bitcoin (BTC) purchases once again, adding 11 BTC to its national crypto stash.
The latest acquisition was confirmed by President Nayib Bukele in a tweet on Thursday. Bukele shared a screenshot of the hefty purchase from El Salvador’s Bitcoin Office—a platform designed to track the country's on-chain activities.
The website shows that El Salvador bought 11 BTC for a total of $1.047 million on December 8. The acquisition marks a departure from El Salvador's typical one bitcoin per day campaign and is part of a broader resolution to double down on its Bitcoin purchases.
El Salvador Doubles Down on Bitcoin
The Wednesday 11 BTC acquisition is the third massive one-time purchase by El Salvador since December 20. To put it in perspective, the North American country bought 11 BTC on December 20 and another one on December 22 before repeating yesterday.
The increased exposure comes as El Salvador is aiming to double down on Bitcoin. According to El Salvador's senior Bitcoin adviser, Max Keiser, the government will be ramping up its accrual of the largest cryptocurrency by market cap, aiming for 20,000 more BTC.
El Salvador currently holds 6,022 Bitcoin tokens, which are valued at $567 million at the current market price. However, the country only spent $145 million to acquire the assets, which comes out to an average of $45,641 per coin.
Bukele Eyes More Bitcoin
Over the past 30 days, El Salvador has acquired 62.42 BTC, which is approximately 33 BTC more than usual. Despite the impressive stash, Bukele still seems eager to buy more at a discounted price.
The president commented on a recent development regarding the United States' possible Bitcoin sales, suggesting that it might allow him to buy the asset at a discount.
To provide some context, a federal court recently authorized the US Department of Justice (DOJ) to sell 69,370 BTC ($6.
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