- El Salvador revoked Bitcoin as a legal tender
- Meanwhile, El Salvador just bought 11 BTC today and 1 BTC just now
- Now El Salvador holds 6,068.18 BTC worth ~$605.3M
On January 29, El Salvador amended some points of the Bitcoin law so that it is no longer a legal tender, prompting talk of ending the global crypto experiment.
However, the accumulation of Bitcoin as a national reserve is not stopping, and El Salvador just bought 11 BTC and 1 BTC, now holding 6,068.18 BTC worth ~$605.3M.
More About El Salvador’s Regulatory Changes & Purchasing
El Salvador has established itself as an unambiguous strategic Bitcoin miner and acquirer and has recently become a favorable space for a number of major crypto platforms to relocate.
However, on January 29, El Salvador’s Congress swiftly approved a bill sent just minutes earlier by President Nayib Bukele to amend its Bitcoin law to comply with a deal with a key international lender to make acceptance of the cryptocurrency voluntary.
This might have seemed alarming, and even an end to the largest national-scale Bitcoin experiment in history. However, in fact it is not yet, and is probably now forced to focus on the US which is also going in this direction.
Also, Bitcoin purchases are not over and El Salvador today bought 11 BTC worth $1.1 million and just now another 1 BTC worth $99.1K.
Their holdings are 6,068.18 BTC worth ~$605.3M.
Conclusion
The worries can probably be called false alarms, and the role of El Salvador in the crypto space is growing. Judging by the official data, further purchases are probably worth waiting for and we will wait for updates.
Be aware and stay tuned.
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