El Salvador to Keep Buying Bitcoin Until It Becomes Expensive

El Salvador continues to buy one Bitcoin every day as promised by President Nayib Bukele to the citizens. Since the project started in November of last year, over 5,690 BTC have been acquired, bringing the total value of Bitcoin to $394 million.

Bukele’s comments confirm the general opinion. Bitcoin whales have been keen to grow their holdings during the last few weeks. Santiment’s on-chain data shows that during the previous five weeks, wallets holding between 10 and 10,000 BTC actively accumulated 154,160 BTC, which is worth $10.6 billion.

This is what Santiment’s on-chain data stated on its platform:

🐳🤑 #Bitcoin's key stakeholders have been largely responsible for the secondary wave of market cap growth over the past 5 weeks. Wallets holding between 10-10K $BTC accumulated 154.16K coins (0.665% of supply) since Feb. 4th, currently worth over $10.9B. https://t.co/7ofMZAuuuP pic.twitter.com/d8RrDQtIEP
— Santiment (@santimentfeed) March 14, 2024

Moreover, whales are now hoarding, and the purchasing of bitcoin has been common during the current price surge. MicroStrategy has also successfully concluded its debt-financed goal to expand its current reserve by acquiring more than 12,000 BTC. Operationally, El Salvador is up until the moment when the price of Bitcoin drops relative to fiat money.

Also Read: El Salvador Continues Adding Bitcoin to Strengthen Its Reserve

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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