El Salvador's Bitcoin Purchases Make History

El Salvador has recently attracted attention with its large-scale Bitcoin (BTC) purchases. The country's total Bitcoin holdings have reached 7,474.37 BTC. According to the Ministry of Finance's data, 1,098.19 BTC was purchased in just the last 7 days, while a total of 1,121.19 BTC has been accumulated over the past 30 days.

These purchases are noteworthy as they coincide with a period when the price of Bitcoin has fallen below $90,000. The country's massive acquisitions continue under the daily buying strategy long maintained by President Nayib Bukele. Especially this Monday evening, the country made its largest single-day Bitcoin purchase in history, acquiring approximately 1,090 BTC worth about $100 million. This significant purchase raised the total BTC holdings to 7,474 BTC, bringing the total value of the assets to approximately $685 million.

Screenshots shared by Bukele on the social media platform X show that the purchase has been officially confirmed. However, there is a conflicting situation regarding this massive purchase and the $1.4 billion loan agreement made with the International Monetary Fund (IMF). According to the terms of the agreement, the country's public sector is not supposed to make new Bitcoin purchases. Therefore, it remains unclear whether the acquired 1,090 BTC entered the system from the market or as a result of the consolidation of state wallets.

In July, senior financial officials of the country stated that no new BTC purchases had been made since February. However, the data shared by Bukele and the Bitcoin Office contradict this claim. Stacy Herbert, Director of the Bitcoin Office, commented on this situation by saying, “Some people believe the IMF's words, while we believe in our recorded purchases on the blockchain.”

El Salvador's Bitcoin policy has sparked renewed intense discussions in the global crypto community due to aggressive purchases during price declines and the continued adherence to this strategy despite IMF pressure. Investors should continue to closely monitor El Salvador's policies and the market's reactions.