El Salvador president Nayib Bukele has one again garnered attention from the crypto community. Bukele was seen showing off the nation’s cryptocurrency holdings, which have increased by 117.74% over the past day.
The rise in the value of El Salvador’s crypto holdings comes on the back of Bitcoin prices hitting an all time high value of $100K on December 5th. At the press time, the OG cryptocurrency is trading at $102,506.42, up 6.00% as compared to the same time last day.
El Salvador Keeps Adding To Its Bitcoin Holdings
El Salvador, being one of the most crypto friendly nations, keeps adding to its Bitcoin holdings time and again. At present, the nation is sticking to its plan of buying one Bitcoin every day. There are currently 5,955 Bitcoins in the nation’s possession, worth about $614 million.
El Salvador’s dedication to incorporating Bitcoin into its national financial strategy is demonstrated by this continuous investment. The international financial community has been closely monitoring the country’s strategy because it is a major national endorsement of cryptocurrencies.
Why Does El Salvador Keep Buying Bitcoins?
El Salvador’s continuous purchases of Bitcoin are a component of its larger plan to use digital currency to promote financial inclusion and economic growth.
Bitcoin was approved as legal tender by the Legislative Assembly of El Salvador in 2021, making it the first nation in the world to do so.
President Nayib Bukele of El Salvador has pushed it, saying it would boost the country’s economy by making banking easier for Salvadorans and attracting foreign investment.
Bank accounts were outnumbered by Bitcoin Lightning wallets among Salvadorans in 2022. According to Bukele, this change was responsible for 95% of the increase in El Salvadorian tourism in 2023.
Bitcoin Hits $100K:Crypto Markets Bullish
Bitcoin price hit its new all time high of $100K on December 5th, with multiple factors contributing to the rise.
In the midst of a frenzied rally triggered by Donald Trump’s election victory, the price for BTC has been upbeat for the past one month, ever since the election results were announced.
Additionally, as UnoCrypto reported earlier, Bitcoin prices were also supported by Russian president Putin. Putin made the firm claim that “Who can ban Bitcoin? ” just hours before the price milestone was reached.
Many have viewed the Russian leader’s support of digital assets as crucial instruments for cutting expenses and improving financial stability as a calculated attempt to use cryptocurrencies for both geopolitical and financial gain.
Putin’s comments regarding Bitcoin are indicative of Russia’s increasing embrace of the pioneering cryptocurrency and cryptocurrencies in general.