Photo: Avishek Das
El Salvador government adds $100M worth of Bitcoin amid market dip
The move reflects a commitment to building reserves by taking advantage of price fluctuations in the digital asset market.
El Salvador added 1091 Bitcoin worth over $100 million today as the crypto asset experienced a market dip. The Central American nation has maintained its strategy of accumulating Bitcoin as part of its digital asset policy.
Bitcoin remains legal tender in El Salvador, a status the country first granted the crypto asset in 2021. The government has pursued a policy of accumulating more Bitcoin during market downturns as part of its long-term accumulation strategy.
The latest move adds to El Salvador’s existing Bitcoin treasury, which the government has built through periodic acquisitions over the past several years. El Salvador currently holds ‎7,474 BTC valued at around $688 million.