In a week that would make a Vogon financial advisor blush, El Salvador has once again proven that it’s not just any old planet when it comes to Bitcoin. They’ve managed to scoop up over 20 BTC, which is like finding a perfectly good parking space on Alpha Centauri.
According to the country’s own version of the Hitchhiker’s Guide to Bitcoin, on Feb. 4, they added 12 BTC in two transactions that were as separate as the Earth and Betelgeuse. First, they grabbed 11 BTC for $1.1 million, which is about as much as a cup of decent tea in the Restaurant at the End of the Universe, and then, just for kicks, they bought 1 BTC for $99,114 a few hours later. Because, why not?
El Salvador’s total Bitcoin hoard now stands at 6,068 BTC, which, if you laid them end to end, would still not reach the mind-boggling complexity of a Bitcoin transaction. Valued at over $592 million, it’s enough to make a Pan Galactic Gargle Blaster seem like a mere sip of water.
This accumulation came as Bitcoin was trying to claw its way back above $100,000, no doubt thanks to the market’s reaction to President Trump’s latest tariff shock, which was about as welcome as a Vogon constructor fleet.
Before this, El Salvador had grabbed 11 BTC on Jan. 9 and then again on Jan. 20, proving that they’re more consistent than a bowl of petunias suddenly yelling “Oh no, not again!”
El Salvador started this whole shebang with its â1 Bitcoin a dayâ program in 2022, which was about as revolutionary as a towel. President Nayib Bukele made history by recognizing Bitcoin as legal tender, which is like making the number 42 the official answer to everything.
But then, they went off script, adopting a more aggressive strategy that would make a Marauder Mothership proud. Stacy Herbert mentioned this new approach on December 19, just after El Salvador negotiated a $1.4 billion loan with the International Monetary Fund, which came with more strings attached than an interstellar space harp.
As part of the deal, El Salvador has made Bitcoin acceptance optional and agreed to wind down the state-backed Chivo wallet, which is probably less exciting than a digital watch with a built-in swimming pool.
Elsewhere in the galaxy, other nations are watching El Salvador’s Bitcoin strategy with the same curiosity one has when watching a Vogon poetry recital. The United States, Brazil, the Czech Republic, and Poland are among those pondering their own reserves, because if you’re going to survive in the universe, you might as well do it with a bit of cryptocurrency.
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2025-02-05 13:09