Étienne Girard
El Salvador executed its biggest one-day Bitcoin purchase on Monday evening, securing 1,090 BTC as the market briefly slipped below $90,000. According to the country’s Bitcoin Office, the government bought nearly $100 million worth of bitcoin at 6:01 p.m. ET, raising its total holdings to 7,474 BTC, now valued at around $676 million.
President Nayib Bukele, a long-standing advocate for bitcoin, has maintained a steady accumulation strategy, purchasing 1 BTC per day since November 2022.
The latest bulk acquisition occurred during a notable price downturn — Bitcoin’s lowest level since April. Historically, El Salvador has increased its BTC stash during periods of market weakness, using dips as buying opportunities.
Bukele shared a screenshot of the new purchase on his official X account, reaffirming that the country’s Bitcoin accumulation “will not stop.”
IMF Loan Agreement Raises Questions
Despite the announcement, ambiguity remains over whether the 1,090 BTC purchase actually occurred. El Salvador’s $1.4 billion loan deal with the IMF includes explicit terms preventing the public sector from buying bitcoin.
Back in July, top Salvadoran finance officials claimed the government had not made any Bitcoin purchases since February, contradicting Bukele’s public statements.
An IMF report added further confusion, saying increases in the nation’s bitcoin reserves were likely due to the consolidation of BTC across government wallets, not new market purchases.
Bitcoin Office Pushes Back Against IMF Conditions
Stacy Herbert, head of the Bitcoin Office, has repeatedly asserted that El Salvador has continued buying bitcoin despite IMF restrictions.
In March, Herbert criticized skeptics who believe the IMF’s claims, saying some people “trust the IMF over the on-chain evidence recorded permanently on the Bitcoin blockchain.”
