El Salvador intends to increase its Bitcoin reserves by acquiring an additional 20,000 BTC, according to Senior Bitcoin Advisor Max Keiser.
This move demonstrates the country's strong commitment to a robust Bitcoin policy, despite external pressures and economic challenges.
President Nayib Bukele's administration has increased its daily Bitcoin purchases to 11 BTC, equivalent to around $1.06 million, as part of this strategic initiative.
Currently, El Salvador holds a total of 5,994 BTC, valued at over $580 million at current market rates.
The decision to expand Bitcoin holdings aligns with President Bukele's vision of increasing the Bitcoin-per-capita ratio for Salvadorans and positioning the nation as a leader in cryptocurrency adoption.
If successful, this acquisition would raise El Salvador's total Bitcoin holdings to approximately 26,000 BTC, potentially making it one of the largest institutional investors in the cryptocurrency space, with a market value exceeding $2.4 billion.