El Salvador, a small Central American country, has been making headlines in the world of cryptocurrency recently. The country’s president, Nayib Bukele, has been a vocal supporter of Bitcoin and has taken steps to make it a legal tender in the country. This move has sparked both excitement and controversy in the crypto community.

One of the latest developments in El Salvador’s Bitcoin journey is the increase in their total Bitcoin stockpile. As of now, the country holds 6,068 Bitcoin, which is worth over $554 million. This is a significant increase from their initial purchase of 400 Bitcoin in June, which was worth around $20 million at the time.

The growth in El Salvador’s Bitcoin holdings can be attributed to various factors. One of the main reasons is the country’s decision to mine Bitcoin using geothermal energy from its volcanoes. This move not only helps to reduce the environmental impact of Bitcoin mining but also makes it more profitable for the country.

Moreover, El Salvador’s government has been actively promoting the use of Bitcoin in the country. They have launched a digital wallet, Chivo, which allows citizens to transact with Bitcoin and receive $30 worth of the cryptocurrency for free. This has led to an increase in Bitcoin adoption and usage in the country.

However, not everyone is on board with El Salvador’s Bitcoin adoption. The International Monetary Fund (IMF) has expressed concerns about the country’s decision, stating that it could have legal and economic implications. Some critics also argue that Bitcoin’s volatility could pose a risk to the country’s economy.

Despite the criticism, El Salvador remains determined to embrace Bitcoin and reap its potential benefits. The country’s growing Bitcoin stockpile is a testament to their commitment to this digital currency. It will be interesting to see how this bold move will impact the country’s economy and the future of cryptocurrency.