El Salvador Drops $100 Million on Bitcoin as Market Crashes
El Salvador purchased nearly $100 million worth of Bitcoin amid a significant market downturn, continuing its aggressive accumulation strategy.Summary
El Salvador is aggressively continuing its Bitcoin accumulation strategy despite a steep market drawdown, purchasing 1,091 BTC, valued at nearly $100 million, on Tuesday. President Nayib Bukele confirmed that the government acquired 1,098.19 BTC over the past week, bringing the nation's total holdings to 7,474.37 BTC, worth approximately $688 million. This purchase aligns with El Salvador's policy, introduced in November 2022, of buying one Bitcoin daily, a strategy maintained despite discouragement from institutions like the IMF. Stacy Herbert, director of the Bitcoin Office, framed the policy as promoting freedom and transparency. The move occurred as Bitcoin plunged below $90,000, wiping out significant leveraged long positions, leading analysts to suggest El Salvador's purchase could be a sharp macro call if the price stabilizes. El Salvador first adopted Bitcoin as legal tender in September 2021 to boost financial inclusion and modernize the economy.
(Source：Bitcoin Magazine)