Summary
TLDR: El Salvador’s President Nayib Bukele has increased the country’s crypto holdings to almost $400 million, with over 5,695 BTC. He previously announced buying 1 BTC daily and moving holdings to cold storage. Despite criticism, Bukele continues to push for Bitcoin as legal tender alongside the U.S. dollar, despite low usage among citizens. Bukele remains popular for reducing crime rates, but human rights activists have raised concerns about his methods. He won reelection in February by a large margin.
Key Points
1. El Salvador’s Bitcoin holdings have increased to almost $400 million in virtual currency, with President Nayib Bukele showcasing an address holding over 5,695 BTC on Twitter.
2. President Bukele’s administration has been transparent about its Bitcoin purchases, announcing plans to buy 1 BTC every day and moving a significant portion of the country’s holdings to cold storage.
3. Despite criticism from the IMF and U.S. politicians, President Bukele has continued to push forward with his plan to make Bitcoin legal tender in El Salvador, alongside the U.S. dollar, while maintaining high popularity among Salvadorans.