"El Salvador is pressing ahead with its aggressive Bitcoin accumulation strategy despite one of the steepest market drawdowns of the year. The Central American nation purchased 1,091 BTC on Tuesday - nearly $100 million worth - according to data from the country's Bitcoin Office. President Nayib Bukele later posted a screenshot on X confirming that the government accumulated 1,098.19 BTC over the past seven days, pushing total holdings to 7,474.37 BTC valued at roughly $688 million."
"The country continues to buy 1 BTC per day, a policy Bukele introduced in November 2022 and has maintained through every market cycle. The strategy has become a signature part of El Salvador's approach to digital asset reserves, even as the IMF and other global institutions discourage further public-sector accumulation. Government disclosures show that the one-BTC-per-day program has steadily expanded reserves, and officials insist there are no plans to halt the buys."
"The latest purchase also arrives as the Bukele administration deepens coordination with U.S. officials on digital-asset oversight. The president met with White House crypto adviser Bo Hines in June, part of ongoing discussions around regulations affecting cross-border Bitcoin activity. El Salvador's conviction comes during a brutal week for the broader market. Bitcoin plunged below $90,000 in Asian trading on Tuesday, dropping as much as 4.9% over 24 hours. At the time of writing, BTC trades near $91,768"
El Salvador purchased 1,091 BTC on Tuesday, nearly $100 million, bringing total reserves to 7,474.37 BTC valued at roughly $688 million. The government has maintained a policy of buying 1 BTC per day since November 2022, steadily expanding reserves through market cycles. Officials state there are no plans to halt purchases despite discouragement from the IMF and other global institutions. Stacy Herbert called Bitcoin "freedom, transparency, and individual empowerment," framing the policy as a means to distribute rather than centralize economic power. The Bukele administration has engaged U.S. officials on digital-asset oversight, and Bitcoin recently dipped below $90,000 amid market weakness.
Read at Bitcoin Magazine
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