El Salvador continues investing in Bitcoin. As of February 3, 2025, El Salvador Bitcoin Holdings total 6,056.18 coins, valued at $597,139,659 million dollars, equivalent to $98,600 per Bitcoin.
In 2021, President Nayib Bukele made an unprecedented decision to declare Bitcoin legal tender in El Salvador.
This move ignited global debates, challenging traditional views on Bitcoin and other cryptocurrencies while highlighting their potential impact on the future of financial systems.
However, by January 2025, Bitcoin will no longer be a legal tender in El Salvador. The use of the Crypto coins will no longer be mandatory for government institutions or businesses.
Even though Bitcoin will no longer be a legal currency starting in 2025, El Salvador continues to increase its Bitcoin reserves.
How Many Bitcoin does El Salvador Have?
According to the address disclosed by Nayib Bukele concerning Bitcoin holdings, El Salvador currently possesses 6,056.18 Bitcoins.
These holdings are as of today; you can “click here” to view the latest information about the country’s Bitcoin holdings.
The Bitcoin count fluctuates continuously as El Salvador is acquiring one Bitcoin daily and is mining its own Bitcoins.
The precise profit El Salvador could have obtained from Bitcoin remains unknown. Public information regarding the purchase cost per Bitcoin, the country’s mining activity, the quantity of donated Bitcoins, and any Bitcoin sales is unavailable.
Buying One Bitcoin per Day
As part of its investment strategy, El Salvador is acquiring one Bitcoin daily. President Bukele announced on November 16, 2022, that the country would commence this daily purchase starting the following day.
Based on the total Bitcoins owned by the country, Bukele maintained its investment strategy; however, no information is available regarding each purchase, such as cost and commissions paid.
“The 1 Bitcoin a day program just deposited today’s Bitcoin. This continues until Bitcoin becomes unaffordable with fiat currencies,” said Nayib Bukele on his X account on March 15, 2024.
Mining Bitcoin Within El Salvador
Soon after El Salvador made Bitcoin a legal tender, the government started infrastructure projects aimed at mining Bitcoin using the energy from volcanoes.
It is unclear how many of these mining projects are being used today. The Salvadoran government has not made this information public. However, news reports of these projects are available online, here are two of them, Reuerts.com and Nasdaq.com.
El Salvador’s Bitcoin Cold Wallet
To protect the country’s Bitcoin investments by keeping them offline, President Bukele announced on March 2024 the transfer of “a big chunk” of the country’s Bitcoin holdings into a cold wallet.
President Bukele also noted that the cold wallet would be securely located within the country’s borders, stored in a physical vault. Employing a cold wallet reduces the risk of hacking by keeping Bitcoins offline and isolated from the internet.
We’ve decided to transfer a big chunk of our Bitcoin to a cold wallet and store that cold wallet in a physical vault within our national territory. You can call it our first Bitcoin piggy bank. It’s not much, but it’s honest work. President Nayib Bukele.
El Salvador Bitcoin Holdings
El Salvador’s adoption of Bitcoin in 2021 marked a significant shift in the financial landscape for the country and other nations worldwide.
Despite generating both praise and controversy, this move by the Bukele administration exemplifies the nation’s commitment to exploring unconventional avenues for economic growth and financial inclusion.
Nevertheless, El Salvador faces challenges with Bitcoin’s low usage. Factors such as public skepticism and technology have contributed to a slower-than-expected integration of Bitcoin into everyday transactions within the country.
