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El Salvador Continued Buying Bitcoin During the Market Decline
El Salvador ranks fifth globally among countries in terms of cryptocurrency holdings stored in publicly known government wallets.
El Salvador continues to purchase one bitcoin per day despite the cryptocurrency’s price decline. Under the leadership of Nayib Bukele, who marked seven years in office on June 1, the country has accumulated more than 7,000 bitcoins.
Bitcoin purchases by El Salvador’s Bitcoin Office. Source: El Salvador Bitcoin Office.
El Salvador’s Bitcoin Office, which is responsible for managing the nation’s crypto reserve, announced that it purchased another bitcoin on June 2. The country’s total holdings have now reached 7,671 BTC. At a current market price of around $67,000 per bitcoin, those holdings are worth approximately $515 million.
Just one month ago, bitcoin was trading above $80,000. However, at the beginning of summer, the cryptocurrency’s price moved sharply lower. On June 3, BTC reached its lowest level in two months, briefly falling toward the $65,000 mark.
Bitcoin advocate Bukele decided several years ago that El Salvador would systematically accumulate the world’s largest cryptocurrency. Since then, the Bitcoin Office has purchased one bitcoin every day, although some purchases have been larger. When acquisitions occur during market downturns, Bukele often highlights that the country has “bought the dip.”
According to data from Bitcoin Treasuries, El Salvador ranks fifth among nations by bitcoin reserves. The platform compiles information from public sources and known government-controlled cryptocurrency wallets.
In the ranking, El Salvador trails the top four countries — the United States, China, United Kingdom, and Ukraine — whose bitcoin holdings are measured in tens or even hundreds of thousands of coins. Following El Salvador are the United Arab Emirates, Bhutan, and Kazakhstan, each holding several thousand BTC.
List of countries with the largest bitcoin reserves. Source: Bitcoin Treasuries.
This year, the Himalayan kingdom of Bhutan, which mines cryptocurrency using inexpensive hydroelectric power, transferred out bitcoin worth at least $150 million. As of late March, it was known that the balance of Bhutan’s publicly known government wallet had decreased by nearly 1,500 BTC during the first three months of the year.
See also: "Bitcoin’s Drop to $66,000 Accelerates the Shift Toward Digital Dollars"
