El Salvador showcased its Bitcoin achievements during a meeting between Vice President Félix Ulloa Jr. and Zhang Yanhui, the Ambassador of the People’s Republic of China.
On December 23, Vice President Ulloa spoke emphasized how Bitcoin has transformed El Salvador into a symbol of financial freedom. He noted that the country’s state reserves now total more than 6,217 BTC, worth more than $500 million.
This progress is mainly attributed to the efforts of the Bitcoin Office, led by Stacy Herbert. Under her, El Salvador has initiated several pro-crypto initiatives and policies to promote further adoption of the emerging technology.
Meanwhile, the meeting took place against China’s historically restrictive stance on cryptocurrencies.
While China maintains strict regulations banning institutional crypto activities, recent developments – such as Bitcoin payments being accepted by Nano Labs and the legal recognition of crypto as property – indicate a possible softening of its policies.
Expanding Bitcoin Ambitions
Available information shows that El Salvador is not stopping at its current Bitcoin holdings. The government has set its sights on increasing its reserves by 20,000 BTC, signaling its unwavering commitment to crypto adoption.
On December 21, Max Keizer, senior advisor to President Nayib Bukele, unveiled plans to achieve this ambitious goal. He declared:
“The intermediate goal [El Salvador] is to acquire another 20,000 BTC.”
On a chain facts indicates that El Salvador currently holds nearly 5,996 BTC, worth approximately $565.6 million. This includes a recent purchase of 29 BTC for over $2.7 million, in line with the country’s aggressive Bitcoin strategy despite concerns from the International Monetary Fund (IMF).
The financial regulator recently agreed to a $1.4 billion financing deal tied to several Bitcoin-related concessions. However, Herbert has insisted that Bitcoin remains legal tender alongside the US dollar and that the government continues to increase its strategic reserves.
