El Salvador Seizes Market Correction to Purchase Bitcoin

El Salvador has capitalized on the current market downturn, acquiring over $1,000 Bitcoin last week. President Nayib Bukele shared a screenshot from the Bitcoin office dashboard, revealing that 1,098 BTC, valued at approximately $99.34 million, were bought, with a significant portion—1,090 BTC—purchased within just 24 hours.

“Wow,” Bukele expressed his excitement regarding the country’s Bitcoin buying strategy, which echoes his ongoing support for the cryptocurrency.

As noted by DropsTab, El Salvador’s total Bitcoin reserves now stand at 7,437.37 BTC, which translates to about $672.85 million at current market rates. This accumulation has resulted in unrealized gains of around $264.63 million. It’s interesting, though, how this aggressive buying aligns with Bitcoin’s continued descent, falling below its all-time high of $90,000 for the first time in nearly seven months.

El Salvador made history as the first country to designate a major digital currency as legal tender in 2021. Yet, despite these strides, interest in Bitcoin among its citizens seems limited, as many still prefer using the US dollar.

This year, the International Monetary Fund (IMF) advised El Salvador to cease public sector Bitcoin purchases as part of a $1.4 billion financial agreement. While the country has made adjustments to its Bitcoin regulations—making acceptance voluntary rather than mandatory—purchasing hasn’t ceased.

As of now, the country ranks as the fifth globally for government-held Bitcoin, following the United States, China, and the United Kingdom.