El Salvador has been buying one Bitcoin daily since March 16 this year. This steady purchasing has increased the country’s total Bitcoin holdings to 5,852 BTC, worth about $375 million, according to Arkham Intelligence.
President Nayib Bukele’s government has recently moved a large part of this Bitcoin into cold storage. This is a security measure designed to protect the country’s Bitcoin from online threats and ensure it stays safe for the long term.
Ever, since the country made Bitcoin legal tender in 2021, El Salvador has been trying new ways to use cryptocurrency. The country has started a Bitcoin mining project that uses energy from a volcano and has introduced “volcano bonds” backed by Bitcoin.
Additionally, El Salvador has recently secured a major investment. Turkish company Yilport is investing $1.62 billion to improve two of the country’s seaports.
This investment is the largest private investment in El Salvador’s history and will see Yilport and the Salvadoran government working together to manage the ports for the next 50 years.