Outside Source
Since March 16, the Salvadoran government’s cold wallet address has consistently purchased 1 BTC daily.
In the process, it has accumulated 160 BTC over more than five months.
El Salvador’s Government Buys 1 BTC Daily
According to the latest data shared by Chinese crypto data account EmberCN, this strategic accumulation has brought the nation’s total Bitcoin holdings to 5,850 BTC, valued at approximately $355.83 million. With an average purchase price of $44,835 per BTC, El Salvador’s Bitcoin investments are currently yielding a substantial floating profit of $93.45 million, reflecting a 35% paper gain.
This continued commitment to acquiring Bitcoin highlights the country’s belief in the long-term potential of the cryptocurrency.
In September 2021, El Salvador made history by becoming the first country to officially adopt Bitcoin as legal tender with the implementation of the BTC law. Over the years, the country has rolled out several projects, like Bitcoin bonds, volcano-fueled BTC mining, and a citizenship program linked to such investments, all while adopting a strategy to accumulate and maintain its holdings.
Earlier this week, the National Bitcoin Office (ONBTC) of El Salvador announced its decision to educate and certify 80,000 government employees in Bitcoin-related topics. This BTC-friendly nation in Central America introduced a training program aimed at equipping public servants with knowledge about the strategic management and policies concerning Bitcoin.
Dubbed “Certification in Public Administration 1,” it is a 160-hour virtual and asynchronous course structured into seven modules, each addressing different concepts, legal frameworks, skills, and management techniques linked to the implementation of Bitcoin as legal tender.
Argentina Turns to El Salvador’s Bitcoin Strategy for Guidance
The financial success El Salvador achieved through Bitcoin adoption has piqued the interest of other economies facing severe inflation.
For instance, Argentina began consulting with El Salvador to learn from its Bitcoin adoption journey and broader crypto activities in May this year, as part of which Representatives from Argentina’s National Securities Commission (CNV) met with El Salvador’s National Commission of Digital Assets (CNAD).
This article first appeared at CryptoPotato
