The Bitcoin reserve of El Salvador has exceeded the milestone of 6,000 BTC after the latest purchase, making the country join the ranks of countries like the US, China, the UK, Ukraine, and Bhutan.
El Salvador has become the sixth country currently holding more than 6,000 Bit (BTC), further consolidating the position of this cryptocurrency as a national reserve asset under the leadership of President Nayib Bukele.
On December 29, the country bought 1 Bit, bringing the total holdings to 6,000.77 BTC, worth around $569.3 million, according to data from the National Bitcoin Office.
This latest purchase has helped El Salvador achieve a 108.02% profit on its Bit investment, with an average price of $45,450 per BTC.
Bukele's government first bought 200 Bit on September 6, 2021, when El Salvador became the first country in the world to recognize Bit as legal tender.
El Salvador is now the sixth-largest Bit holder among countries, ranking behind the US, China, the UK, Ukraine, and Bhutan, according to data from BitBo.
Although El Salvador typically buys 1 Bit per day, they purchased an additional $1 million worth of Bit immediately after reaching a $1.4 billion agreement with the International Monetary Fund (IMF) on December 22, despite the IMF's request to scale back Bit-related activities.
The Director of the El Salvador National Bit Office, Stacy Herbert, stated that the country may continue to buy Bit at a faster pace.
However, El Salvador's Chivo wallet may be sold or discontinued, and private Bit wallets will continue to serve the country.
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The article El Salvador's Bitcoin Reserve Reaches 6,000 BTC, Worth $569 Million first appeared on CoinMoi.
