El Salvador adds 8 more BTC to its strategic reserve this week.
The nation’s total BTC holdings amounts to 7,207.
Despite IMF pressure, EL Salvador continues to stack Bitcoin.
One of the biggest Bitcoin (BTC) advocates added more of the pioneer crypto currency to its strategic reserve. To highlight, the first nation to make Bitcoin a legal tender, bought more BTC. In detail, El Salvador adds 8 more BTC to its strategic reserve this week, despite the IMF’s efforts to slow down their Bitcoin accumulation efforts. Now, the nation's total Bitocin (BTC) holdings amounts to 6,207.
El Salvador Adds 8 More BTC to Its Strategic Reserve
Before Bitcoin price began to pump last bull season, the President of El Salvador, Nayib Bukele, announced at the Bitcoin Conference that El Salvador will make Bitcoin a legal tender within its borders. With this move, El Salvador began to passionately accumulate Bitcoin and announced multiple plans involving Bitcoin on the horizon, all with the intention of improving living standards and the lives of its citizens.
Soon after this announcement was made, El Salvador launched a wallet that each of its citizens would keep. Upon using the Chivo wallet, each citizen received $50 worth of BTC to keep, encouraging more BTC holders. Soon after, El Salvador announced that it would be harnessing the geothermal energy of its volcanoes to ethically and sustainable mine Bitcoin (BTC), another monumental move for the country.
As the country kept steadily accumulating more and more BTC, the price of BTC started to go up significantly. Now, even in the next cycle, President Bukele, who won another term in power, continues to accumulate more BTC and add it to the country’s strategic reserve. His role in propagating Bitcoin has been crucial. He took BTC profits to improve the country enabling him to secure another term.
IMF Pressure Won’t Stop El Salvador
Outside of El Salvador, his visionary movements are being mirrored by several other leaders. For instance, Strategy’s CEO, Michael Saylor discovered BTC after El Salvador’s move, and being inspired by Bukele’s vision, Strategy too began to heavily accumulate Bitcoin. Despite the heavy institutional BTC buys this bull cycle Strategy and El Salvador are still in the lead in terms of BTC holdings.
https://twitter.com/AlvaApp/status/1935806596254515345
Recently, the International Monetary Fund (IMF) tried to get El Salvador to slow down and stop its BTC accumulation with a deal. Despite their efforts, El Salvador continues to stack BTC. As we can see from the post above, El Salvador just bought 8 more Bitcoin and added them to their strategic reserve. The fact that BTC accumulation is still strong at the price of $104,000 is a bullish sign for greater BTC prices in the coming weeks ahead.
