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3h ago

El Salvador Makes Largest Single-Day Bitcoin Buy, Spending $100 Million During Price Drop

The purchase revives questions about compliance with an IMF program that discourages new public‑sector crypto buys.

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Photo: Avishek Das
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El salvador buys the dip: adds nearly 1,100 btc to its strategic reserve

Overview

  • President Nayib Bukele said the government bought 1,090 BTC in roughly 24 hours as bitcoin briefly fell below $90,000.
  • Official dashboards showed weekly accumulation of about 1,098 BTC, lifting reported reserves to roughly 7,470–7,500 BTC.
  • The holdings total was cited around 7,474 BTC, valued near $676 million at the time, with Bukele publicizing the buy on X.
  • El Salvador maintains a policy of purchasing about 1 BTC per day since November 2022, even as its $1.4 billion IMF deal restricts public-sector bitcoin acquisitions.
  • IMF documents and prior finance-official statements pointing to wallet consolidation and no new buys contrast with Bukele’s disclosures, renewing scrutiny of transparency and program compliance.