El Salvador’s Bitcoin Reserves Soar as President Bukele Expands Holdings
El Salvador’s President Nayib Bukele has expanded the country’s cryptocurrency reserves, which now stand at nearly $400 million.
Bukele showcased an address holding over 5,695 BTC in a recent Twitter post, translating to a value exceeding $391 million at current prices. While previously opaque about Bitcoin purchases, Bukele announced in 2022 that the country would acquire 1 BTC daily. Earlier this month, he disclosed transferring a significant portion of the holdings to cold storage, unveiling a crypto wallet address in the process.
Bukele’s decision to incorporate Bitcoin into government reserves followed his 2021 announcement of making it legal tender alongside the U.S. dollar, despite criticism from the IMF and U.S. politicians. Although El Salvador’s Bitcoin law requires businesses to accept BTC, reports suggest limited usage among Salvadorans, despite Bukele’s enduring popularity after reducing crime rates. However, human rights activists have raised concerns about alleged abuses in a massive gang crackdown. Despite these controversies, Bukele secured reelection in February with a resounding victory.
Clever Robot News Desk 29th March 2024
