Nayib Bukele Leads El Salvador’s $98M Bitcoin Purchase Amid Crypto Downturn
In a strategic move during a cryptocurrency market decline, El Salvador has purchased 1,098 Bitcoin for its reserves. This acquisition, valued at approximately $99.34 million, was detailed by President Nayib Bukele in a recent post on X.
Recent Bitcoin Acquisition by El Salvador
Out of the total, 1,090 Bitcoin, worth about $98.61 million, were acquired in just 24 hours. Bukele expressed his enthusiasm with a simple cheer, highlighting the nation’s ongoing commitment to Bitcoin.
El Salvador’s Bitcoin Holdings
This new purchase brings El Salvador’s total Bitcoin reserves to 7,437.37 BTC, currently valued at around $672.85 million. The country has realized an unrealized profit of $264.63 million, as reported by DropsTab. This aggressive accumulation of Bitcoin takes place as the digital currency experiences a notable decline, falling below $90,000 for the first time in nearly seven months.
El Salvador’s Bitcoin Journey
- First country to adopt Bitcoin as legal tender in 2021.
- Bitcoin adoption remains low among citizens; most still use U.S. dollars.
- International Monetary Fund urged a halt to public sector Bitcoin purchases due to a $1.4 billion funding agreement.
- El Salvador adjusted its Bitcoin law to make acceptance of Bitcoin voluntary.
Despite external pressures, the country continues its Bitcoin purchases. As of now, El Salvador ranks as the fifth-largest government holder of Bitcoin globally, following the U.S., China, and the UK.
Current Bitcoin Market Context
As of the latest updates, Bitcoin is trading at approximately $90,469, reflecting a decline of 4.89% over the last 24 hours, based on data from Benzinga Pro.
