El Salvador's Bitcoin Reserves Surpass $164M After New ATH, Adding $53M in BTC Profits
By: Cointime
El Salvador's Bitcoin reserves have surpassed $150 million following the cryptocurrency's recent surge, with holdings growing by over $50 million. The country became the first to adopt Bitcoin as legal tender in 2021, despite criticism from the IMF and JPMorgan. President Nayib Bukele defended the decision and announced plans to buy 1 Bitcoin every day, with the reserves currently holding 2,856 Bitcoin valued at over $188.8 million. The recent rally in Bitcoin is attributed to heavy trades in the spot BTC exchange-traded fund market, with Arizona State Senate exploring crypto investments in state pension funds.
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