El Salvador buys the dip defying IMF demands: Over $100M in BTC added as price wobbles
El Salvador purchased approximately $100 million in Bitcoin during a price dip, increasing its total holdings to 7,474 BTC despite IMF warnings.Summary
El Salvador executed its largest single-day Bitcoin purchase since adopting the cryptocurrency in 2021, acquiring about 1,090 BTC worth roughly $100 million as prices fell below $90,000 on November 18. President Nayib Bukele announced the transaction, raising the nation's total holdings to 7,474 BTC. This acquisition occurred during a broader risk-asset selloff and extends the country's dollar-cost-averaging strategy, which involves buying 1 BTC daily. The purchase reignites friction with the International Monetary Fund (IMF), which had secured a $1.4 billion loan agreement requiring El Salvador to scale back its public sector exposure to Bitcoin and prohibit tax payments in BTC. Despite commitments to the IMF not to increase public sector exposure, Bukele has continued accumulating, signaling a strong sovereign commitment to its Bitcoin strategy irrespective of short-term price action or external pressure from multilateral lenders.
(Source：CryptoSlate)