El Salvador, the tiny nation with a giant appetite for Bitcoin, gobbled up two more BTC on Feb. 1. 🤑 While the country usually sticks to a modest one Bitcoin per day diet, it seems they’ve developed a sudden craving for more. 🍽️
According to the government’s Bitcoin tracker, El Salvador now boasts a stash of 6,055 BTC, worth a cool $612 million. In the last 30 days alone, they’ve devoured over 50 BTC. 🐷
In a move that left the crypto community scratching their heads, El Salvador recently ditched its legal tender law requiring businesses to accept BTC. This was all part of a deal to secure a loan from the International Monetary Fund (IMF). 💸
Despite the IMF’s meddling, El Salvador has continued its Bitcoin hoarding spree. 🏴☠️
As part of the $1.4 billion IMF deal, El Salvador had to make BTC payments voluntary, “confine” public sector involvement in the Bitcoin industry, and privatize the Chivo wallet. 🎭
Just one day after signing the deal, the country snapped up 11 BTC, worth over $1 million. 🤑
In a Dec. 19 post, Stacy Herbert, the director of El Salvador’s National Bitcoin Office, hinted that the country might start gobbling up BTC at an even faster pace. 🚀
True to her word, the National Bitcoin Office acquired an additional 12 BTC on Jan. 19. Spokespeople from the government agency told CryptoMoon that they plan to ramp up purchases in 2025. 📈
“We’ve not only pulled off the greatest rebrand in history, but we’re now a case study for a winning country strategy,” the spokesperson boasted. 🏆
El Salvador’s Bitcoin treasury strategy has drawn praise from Bitcoin maximalists and attention from crypto firms, including Fidelity Digital Assets. 🌟
In their January 2025 report titled 2025 Look Ahead, Fidelity Digital Assets highlighted El Salvador’s Bitcoin treasury strategy as a potential catalyst for broader nation-state adoption. 📊
Analysts from Fidelity Digital Assets argued that larger nations would adopt Bitcoin as the risk of not owning any Bitcoin becomes more apparent and the fear of missing out sets in. 😱
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2025-02-02 01:03