El Salvador Spends Over $1.5 Million to Acquire 80 More BTCs

UTC by Mayowa Adebajo · 2 min read
El Salvador Spends Over $1.5 Million to Acquire 80 More BTCs
Photo: Depositphotos

Central American country El Salvador has now almost made a culture out of buying Bitcoin at every possible opportunity.

Despite the bleak-looking outlook that the crypto market currently has, El Salvador keeps amassing its Bitcoin (BTC) holdings.

El Salvador Keeps Betting Big on Bitcoin

According to a recent tweet by the popular Bitcoin-friendly president of El Salvador, Nayib Bukele, the country has added another 80 BTCs to its portfolio. Sharing screenshots of the transactions, excited Bukele expressed his pleasure after buying each BTC at the rate of $19,000 each. This means that the country spent $1.52 million on the latest BTC purchase. Bukele wrote:

“Bitcoin is the future. Thank you for selling cheap.”

Meanwhile, the Central American country has now almost made a culture out of buying Bitcoin at every possible opportunity. The last time it did was in May when it purchased 500 BTCs for a whopping $15.3 million. BTC was still trading at $30,744 at the time. However, that purchase in itself followed a long list of other buys. And going by previous announcements, El Salvador has acquired no less than 2301 coins from September to date, paying $103.9 million in the process. Although its entire portfolio is currently not worth more than $46.6 million.

No Risks to Fiscal Standing – Finance Minister

In May, El Salvador’s Finance Minister Alejandro Zelaya revealed that the amount of Bitcoin that the country had at the time was only a little fraction (less than 0.5%) of the annual budget. And as such, would pose no significant threat to the nation’s fiscal strength in the event of a loss.

El Salvador has also said it has no interest in selling off its BTC acquisitions for the umpteenth time. Although in early June, Zelaya confirmed that some of El Salvador’s Bitcoin possession were previously sold.  However, that was solely in line with efforts to fund the Chivo Pets pet hospital. Zelaya then added that henceforth, the country will only hold whatever BTC it has in its possession.

Additionally, President Bukele himself announced that the Chivo Pets project would no more be funded by BTC sales. He claims that it would now henceforth receive funding from the surplus of a government trust fund.

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Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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