El Salvador Boosts Bitcoin Holdings to 6,067 BTC, Worth $615 Million

El Salvador has added 11 more Bitcoins to its holdings, according to on-chain data. This purchase brings the country's total Bitcoin holdings to 6,067.18 BTC, currently valued at approximately $615 million.

The Central American nation has been a vocal advocate for Bitcoin, adopting it as legal tender in 2021. This latest acquisition is a continuation of El Salvador's strategy to accumulate Bitcoin as a long-term store of value and a means to promote financial inclusion.

El Salvador's Bitcoin holdings have been volatile, with the country buying and selling the cryptocurrency at various points. However, the government has maintained its commitment to Bitcoin, with President Nayib Bukele often tweeting about the country's Bitcoin holdings and strategy.

The country's Bitcoin strategy has not been without controversy. Critics have raised concerns about the volatility of Bitcoin and the potential risks to the country's financial stability. However, supporters argue that Bitcoin offers a means to circumvent traditional financial systems and promote economic growth.

El Salvador's Bitcoin holdings are stored in a trust managed by the country's state-owned development bank, Banco de Desarrollo de El Salvador. The government has also invested in Bitcoin mining, using geothermal energy from the country's volcanoes to power the mining operations.

The country's Bitcoin strategy has been a topic of international interest, with other nations considering the potential benefits and risks of adopting Bitcoin as legal tender. While some countries have expressed interest in following El Salvador's lead, others have raised concerns about the potential risks and have chosen to take a more cautious approach.