The government of El Salvador acquired a staggering 1,090 BTC on the evening of Monday which has become the biggest one-time increase to its reserves. According to the Bitcoin Office of the country, the purchase was made at 6:01 p.m. Eastern time and its value was about $100 million.
Thus, the total amount of Bitcoins held by El Salvador has increased to 7,474 BTC that is approximately $676 million.
El Salvador’s Bitcoin journey under President Nayib Bukele has been a true rollercoaster, with the government steadily boosting its reserves by buying 1 BTC every day since November 2022.
El Salvador Buys the Dip Again
Monday’s purchase of 1,090 BTC came as bitcoin dropped below $90,000 its lowest level since April, based on data from The Block’s price page. The country has a pattern of adding large amounts of bitcoin during market pullbacks.
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President Nayib Bukele posted a screenshot of the latest purchase on his official X account. He has repeatedly said on the platform that El Salvador’s bitcoin buying strategy will continue.
Questions Around Whether the Purchase Was Real
Despite the announcement, it remains uncertain if El Salvador truly bought 1,090 BTC from the open market. The country’s $1.4 billion loan agreement with the IMF clearly states that its public sector is not allowed to buy bitcoin.
In July, two senior finance officials said El Salvador had not purchased any bitcoin since February, a statement that conflicts with President Bukele’s claims. An IMF report also noted that the rise in bitcoin holdings came from consolidating assets across government wallets, not from new market buys.
Stacy Herbert, head of the Bitcoin Office, insisted that the nation has kept buying Bitcoin regardless of the IMF deal. “Some ‘bitcoiners’ trust the words of the IMF over the stacking actions of El Salvador recorded for eternity onto the Bitcoin blockchain,” she wrote in March.
