El Salvador Buys Bitcoin Again, Total Ownership Reaches 6,044 BTC
JAKARTA - The government of El Salvador recently added 12 Bitcoins (BTC) to its reserves. With this addition, El Salvador's total Bitcoin ownership has now reached 6,044 BTC, worth more than 617 million US Dollars (around Rp9.99 trillion at the current exchange rate).
The addition of these reserves comes amid international pressure, including from the International Monetary Fund (IMF). In a loan deal worth USD 1.4 billion (around IDR 22.68 trillion), the IMF asked El Salvador to reduce activity related to Bitcoin. However, President Nayib Bukele and his government stick to their decision to make Bitcoin a legal tender since 2021.
El Salvador's decision to continue to accumulate Bitcoin seems to be starting to pay off. With the price of Bitcoin hitting a new record of 109,000 US dollars (around Rp1.76 billion) per coin, the profit from this country's Bitcoin reserves is estimated at 179 million US dollars (around Rp2.9 trillion). This achievement reinforces President Bukele's argument that Bitcoin could be a strategic asset to strengthen the country's economy.
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Although the use of Bitcoin in the private sector of El Salvador is still voluntary, the government's move has attracted the world's attention and made El Salvador one of the leading countries in the global adoption of crypto assets.
The government's strong support is also seen in various programs, such as the construction of Bitcoin City (Bitcoin City) and the use of renewable energy for Bitcoin mining.
El Salvador's policy is not without controversy. The IMF and several other international agencies argue that the adoption of Bitcoin as the official currency could increase economic risks, especially regarding price volatility.
On the other hand, President Bukele remains optimistic that Bitcoin investment will have a long-term positive impact on the economy of El Salvador, including attracting foreign investment and increasing financial inclusion. Financial inclusion refers to efforts to expand public access to formal financial services.