Following an agreement between El Salvador and the International Monetary Fund that included the discontinuation of Bitcoin as a legal tender, there were doubts about the country’s future when it came to Bitcoin investments.
However, El Salvador has taken a step towards increasing its state reserve of Bitcoin beyond their existing Bitcoin savings plan. This was evident when a recent transaction was observed on the Mempool page, which tracks the country’s holdings.
Overnight, a transaction of eleven Bitcoin worth over one million US dollars was noted in El Salvador’s wallet. This brings their current total holdings to 5,980 BTC, equivalent to nearly 600 million US dollars.
El Salvador has consistently been building up their reserve through one-off purchases and their long-standing Bitcoin savings plan, which adds 1 BTC to their holdings every day and has been in effect for more than two years.
