1 Bitcoin per Day : El Salvador Bets Big with 162 New Coins !

El Salvador, far from being a nation as opulent as Croesus, continues to accumulate bitcoins with disconcerting tenacity. For months, this small Central American country, under the leadership of its president nicknamed the “cool dictator,” hasn’t sold a single piece of its precious reserve. Its choice to bet on Bitcoin seems unwavering. But what lies behind this bold strategy? Let’s get to the heart of the matter.

Bitcoin: a risky bet or a vision for the future?

Since March 2024, without fail, against the backdrop of the 1 bitcoin per day operation, El Salvador has added one Bitcoin to its national treasury. This operation has allowed them to accumulate 162 additional coins, bringing the total to 5,851 BTC, worth approximately $356.4 million at current prices.

Behind this frenzied accumulation is Nayib Bukele, the young president who has made Bitcoin the emblem of his economic policy. For him, this flagship cryptocurrency is the key to the country’s financial independence.

Bukele even nicknamed this reserve his first “Bitcoin piggy bank,” in reference to a large transfer of 5,689 BTC in March. A strong symbol, but not without its risks. In the short term, El Salvador shows a handsome float profit of $93.45 million, but crypto markets are anything but stable. 

The international community is divided between admiration for Bukele’s bravery and skepticism over what could turn into an economic shipwreck.

• 5,851 BTC in reserve;
• 162 BTC purchased since March 2024;
• $93.45 million in floating profit.

Crypto: Transparency in question

To allay fears, Bukele has implemented a “mempool space” system, allowing total transparency over the government’s bitcoin holdings. The idea is commendable but not necessarily sufficient to dispel doubts. 

El Salvador doesn’t just buy bitcoins; it mines them too. Thanks to the geothermal energy of its volcanoes, the green energy, the country has extracted 474 BTC, worth about $29 million since 2021.

This ecological approach fits into the president’s vision: combining technology and natural resources. However, in the face of crypto volatility, even a green strategy doesn’t guarantee success. 

Nevertheless, Bukele persists, newly reelected for a second five-year term, he seems determined to lead his country down this winding road, despite growing criticism and concerns.

As El Salvador continues to enrich its Bitcoin reserves, the international community remains divided: madness or strategy?