El Salvador authorities continue to buy bitcoin on falling price

According to BitInfoCharts, a government-owned wallet address buys 1 bitcoin (BTC) per day. The data shows that since March, the government of El Salvador has been strategically accumulating BTC via cold wallet.

El Salvador began purchasing BTC on a daily basis in November 2022, when the corresponding program was introduced by the country's president, Nayib Bukele.

In March, Bukele emphasized that El Salvador would continue to buy 1 bitcoin per day until it "becomes unavailable for purchase with paper currency." In February, the president of the Latin American country assured that they have no intention of selling their bitcoin reserves at this time.

El Salvador has also transferred a "significant portion" of its crypto assets to a cold wallet, which Bukele called "the first bitcoin wallet" in the country.

Salvador reportedly received some of his bitcoins from cryptocurrency exchange Bitfinex. In addition, Reuters reports that El Salvador has independently mined 474 BTC over the past three years using geothermal energy from the Tecapa volcano.

El Salvador's unwavering commitment to buying bitcoins and its ambitious goals reflects the country's faith in the cryptocurrency. And the decline in the exchange rate is only furthering that plan.