El Salvador made full use of the market drop Thursday by buying as many as 11 Bitcoins (CRYPTO: BTC), worth over a million dollars, for its reserve.
What happened: According to the National Bitcoin Office, an agency tasked by President Nayib Bukele to oversee all things related to the leading cryptocurrency, the Central American nation upped its daily purchase tally to 11, 10 more than the one Bitcoin per day policy.
We just transferred over a million dollars worth of Bitcoin to our Strategic Bitcoin Reserve. pic.twitter.com/4ZrxGw9Od0
— The Bitcoin Office (@bitcoinofficesv) December 20, 2024
With the latest grab, the country's Bitcoin stockpile grew to 5,980.77, worth $581 million at current prices, with an unrealized profit of over $307 million.
The aggressive dip-buying followed a sharp downturn in the market, which saw the apex cryptocurrency fall below $96,000.
See Also: MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Why It Matters: The purchases come a day after El Salvador signed a $1.4 billion loan arrangement with the International Monetary Fund, which included a condition that the country scale back its Bitcoin push.
However, Stacy Herbert, Director of the National Bitcoin Office, stated that El Salvador will continue to buy Bitcoin at an "accelerated pace" and that Bitcoin-friendly policies will continue to be implemented.
EL SALVADOR SECURES $3.5 FUNDING DEAL
— Stacy Herbert (@stacyherbert) December 19, 2024
Bitcoin remains legal tender
El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve
Bitcoin capital markets will continue to be built; for example, the recent tokenized issuance...
El Salvador became the first country to adopt the leading digital asset as its legal tender in 2021. Despite these efforts, Bitcoin adoption among Salvadorans remains low, with the majority still relying on the U.S. dollar as the country's primary currency.
Price Action: At the time of writing, Bitcoin was exchanging hands at $97,618.09, down 3.33% in the last 24 hours, according to data from Benzinga Pro.
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