The post President Bukele Acquires $2.3 Million Worth of Bitcoin To Honor El Salvador’s Bitcoin Day appeared first on Coinpedia Fintech News
El Salvador’s President, Nayib Bukele, celebrated the nation’s fourth anniversary of the Bitcoin Law by purchasing around $2.3 million worth of Bitcoin. The country not only expanded its Bitcoin holdings to over $700 million but also proved its pro-crypto stance by continuing its BTC integration.
El Salvador Expands Bitcoin Holdings
On Sunday, El Salvador bought another 21 BTC, bringing its total holdings to 6,313.18 BTC, worth around $702 million. President Bukele revealed the news on his official X post, saying, “Buying 21 bitcoin for Bitcoin Day.” This is part of the country’s “one Bitcoin a day” approach, which has been implemented since Bitcoin became legal tender in 2021.
According to data from Bitcoin Office, the country has added roughly 28 Bitcoins in the last 7 days and over 50 BTC in the last 30 days. This move underscores El Salvador’s commitment to integrating Bitcoin into its traditional economy and educational system. Despite all the hurdles it faced since 2021, the country continues to expand its BTC holdings.
Bitcoin is trading at $111,943 currently, with a market cap of over $2.2 trillion. However, the trading volume has declined this month. It started from $34 billion in trading volume and rose to around $60 billion by September 6, but now it has dropped to $26 billion.
El Salvador Increasing Bitcoin Security
In August, El Salvador redistributed its holdings across multiple addresses with a cap of 500 BTC per address. Later, the National Bitcoin Office revealed that the initiative was part of a strategic move to enhance the security of its National Strategic Bitcoin Reserve.
The agency hopes that splitting the country’s BTC holdings into 14 smaller accounts could minimize the impact of a potential quantum attack.
To further boost the country’s crypto framework, El Salvador passed an “Investment Banking Law” in August. This law allows major financial institutions to offer Bitcoin and other cryptocurrency services to “qualified investors.”
It also requires financial institutions to seek licenses before providing digital asset-related services, which automatically enhances the security standard of El Salvador’s crypto framework.