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El Salvador took advantage of the ongoing market correction, scooping up over 1000 Bitcoin (CRYPTO: BTC) in the last week for its reserves.
President Nayib Bukele posted on X a screenshot from El Salvador’s Bitcoin Office dashboard, showing 1,098 BTC, worth $99.34 million, bought in the last week. Notably, 1,090 BTC, worth $98.61 million, were purchased within the past 24 hours.
“Hooah,” he exclaimed, cheering the Central American nation’s Bitcoin-buying policy.
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El Salvador’s national Bitcoin stockpile has grown to 7,437.37 BTC, worth $672.85 million at current prices, with an unrealized profit of $264.63 million, according to DropsTab.
The aggressive accumulation comes alongside Bitcoin’s steep decline, which dragged the apex cryptocurrency below $90,000 for the first time in nearly seven months.
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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.
The International Monetary Fund had asked El Salvador to halt public sector Bitcoin purchases as part of a $1.4 billion funding deal earlier this year. While the country tweaked its Bitcoin law and made the acceptance of Bitcoin voluntary rather than mandatory, it hasn’t stopped its purchases.
As of this writing, El Salvador is the fifth-biggest government holder of Bitcoin, according to bitcointreasuries.net, behind the U.S., China and the UK.
Photo Courtesy: Joey Sussman on Shutterstock.com
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This article Nayib Bukele Goes ‘Hooah’ As El Salvador Buys $98 Million Worth Of Bitcoin In A Day Amid Crypto Meltdown originally appeared on Benzinga.com
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