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.
Photo: Avishek Das
Key Takeaways
- El Salvador expanded its Bitcoin holdings by $100 million as prices pulled back.
- Bitcoin has been legal tender in El Salvador since 2021.
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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.
