cryptojournalist
El Salvador now holds over 6,000 Bitcoin, worth $569 million. This puts the country in an elite group of nations with big Bitcoin reserves, including the US, China, and the UK.
The latest purchase on Dec. 29 added to the stash, giving the country a 108% return on its investment.
A Bitcoin Pioneer
El Salvador made history in 2021 as the first country to make Bitcoin legal tender. Since then, President Nayib Bukele’s government has been buying Bitcoin regularly, often one per day.
IMF Deal and Future Plans
El Salvador recently signed a $1.4 billion deal with the IMF, even though the organization has concerns about Bitcoin. The government has no plans to sell its Bitcoin and may increase its buying pace.
The Chivo wallet, a government-run Bitcoin app, will be shut down or sold. Private wallets are expected to handle Bitcoin transactions moving forward.
