El Salvador Purchases Record Amount of Bitcoin Amid Market Decline
- El Salvador bought 1,090 Bitcoin in a single day, marking its largest purchase since adopting the cryptocurrency as legal tender.
- The country’s total Bitcoin reserves now stand at approximately 7,474 BTC, valued at around $676 million.
- El Salvador has committed to purchasing one Bitcoin daily since November, despite facing criticism from the IMF regarding its exposure to Bitcoin.
- In September, El Salvador announced plans for a government-sponsored Bitcoin conference called Bitcoin Histórico in November.
- The country is also digitizing official documents on the Bitcoin blockchain in partnership with Simple Proof.
This substantial acquisition reflects El Salvador’s ongoing strategy to enhance financial independence and promote Bitcoin adoption despite market volatility and external pressures from organizations like the IMF.
With this latest purchase, El Salvador’s reserves have increased significantly from about $482 million in unrealized profits last month to an estimated value of $676 million today. (Source)
