El Salvador Completes Largest Single-Day Bitcoin Purchase

El Salvador, the Nayib Bukele-led country, has made headlines by completing its Bitcoin (BTC) purchase. According to reports, the prominent country purchased 1,090 BTC in one day, worth over $100 million. Notably, this action shows El Salvador’s commitment to adopting Bitcoin, even during a downturn in the crypto market.

Daily Bitcoin Purchase Persist

Undoubtedly, El Salvador’s move is considered the largest single-day purchase ever. With this latest purchase, El Salvador now holds an estimated total of 7,474 BTC, valued at about $676 million. This makes the country the largest holder of Bitcoin among sovereign nations. 

Meanwhile, President Nayib Bukele, in his post, also announced that his administration will continue to buy 1 Bitcoin every day, a plan he started in 2022. This method steadily helps the country buy Bitcoin while reducing the risks from market fluctuations. Bukele believes that Bitcoin can drive economic growth, promote financial inclusion, and create global investment opportunities.

Interestingly, Bukele’s Bitcoin-first approach has started attracting major crypto firms to El Salvador. Earlier this year, Bitfinex Derivatives announced its relocation from Seychelles to El Salvador on January 7. Tether, the issuer of the world’s largest stablecoin, also followed suit. The issuer announced on January 13 that it would move its headquarters to the country. 

El Salvador Celebrates Fourth Bitcoin Day

On September 7, El Salvador celebrated “Bitcoin Day” to mark the fourth anniversary of the Bitcoin legal tender law, which took effect in September 2021. 

At the time, the country’s Bitcoin strategic reserve held about 6,313 BTC, valued at over $702 million. This was quite significant, considering that the country has reversed many of its Bitcoin policies in recent months.

Also, El Salvador’s Bitcoin Office introduced a new banking law that allows BTC investment banks to serve sophisticated investors. Just last month, the Central American nation saw its Bitcoin holdings surge to $775 million. 

Coincidentally, this comes at a time when the flagship cryptocurrency has hit a new All-time High (ATH). This price spike pushed the coin into the world’s seventh-most-valuable or largest asset.

El Salvador and its Bitcoin Journey

Globally, El Salvador is recognized as the first country to support Bitcoin as legal tender. Since that time, it has intentionally pursued a strong Bitcoin acquisition journey, consistently adding to its holdings. However, it has recently faced some backlash from the International Monetary Fund (IMF) for this decision.

As a criterion for a $1.4 billion loan deal, the agency had advised the country to scale back on its Bitcoin involvement. On the brighter side, El Salvador is not ready to stop buying Bitcoin. This position is demonstrated in its recent milestones. No doubt, its Bitcoin acquisition strategy also has long-term potential.