El Salvador cashed in on the market slump Monday to add 11 Bitcoins BTC/USD, worth over $1 million, to its strategic reserve.
What happened: The Central American nation increased its daily purchases to 11, which is 10 more than the one Bitcoin per day policy, according to its treasury holdings tracker.
The latest grab boosted El Salvador's Bitcoin stockpile to 6,067.18, worth over $602 million at prevailing prices, with an unrealized profit of $321.26 million.
The Nayib Bukele-led nation was also the sixth biggest government holder of Bitcoin, according to bitcointreasuries.net.
See Also: Elon Musk Says Treasury Officials ‘Breaking The Law Every Hour’ By Approving Fraudulent Payments ā DOGE Lead Wants A Blockchain Fix
Why It Matters: El Salvador became the first country to adopt Bitcoin as its legal tender in 2021, and it has since pursued an ambitious strategy to integrate the digital asset into the various aspects of its citizens' lives.
However, despite these efforts, the adoption of Bitcoin as a legal tender in the country hasn't seen the expected widespread uptake.
Last week, the government scaled back its Bitcoin push, making its acceptance voluntary rather than mandatory, to satisfy conditions set by the International Monetary Fund in return for a $1.4 billion loan agreement.
Price Action: At the time of writing, Bitcoin was exchanging hands at $99,538.22, up 5.51% in the last 24 hours, according to data from Benzinga Pro.
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