Crypto Deals
07/14 14:11
El Salvador BTC portfolio surges to $767M as BTC
El Salvador BTC portfolio surges to $767M as BTC sets $123K all-time high
El Salvador’s Bitcoin holdings have tripled in value to over $767 million as of July 14. The country’s BTC holdings surged as Bitcoin broke to new all-time highs Monday, reaching $123,000.
El Salvador’s BTC holdings could inch up higher this week as more developments in the sector are expected this week of July 14, which the House labeled “Crypto Week.”
The U.S. House of Representatives will be considering several crypto legislations on Monday, including the GENIUS Act, in a bid to establish a clearer regulatory framework for cryptocurrencies.
El Salvador continues accumulating BTC despite IMF measures
Data from the country’s Bitcoin Office showed that in the last seven days, the country has added 8 BTC to its national reserves, pushing its total holdings to 6,237.18 BTC. El Salvador’s Bitcoin accumulation initiative is part of President Nayib Bukele’s commitment to his “1 BTC a day” strategy.The Central American country was the first to adopt BTC as legal tender in 2021, but it reversed its decision in January, following pressure from the IMF. The International Monetary Fund (IMF) struck a $1.4B loan deal with the nation, which urged the government to halt its Bitcoin accumulation strategy and drop BTC’s status as legal tender.
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