El Salvador buys more than 1,000 bitcoin as the price falls

El Salvador surprised on Thursday with a maneuver in the market, reporting the acquisition of 1,090 units of bitcoin (BTC) on the day. This for a total of 100.4 million dollars (USD).

In other words, the operation equated to a cost of around $92,100 per bitcoin. The initiative occurred in the midst of a drop in the price of the currency, which a little over a month ago reached a historical record of around $126,000 per unit.

This move is part of El Salvador’s strategy to increase its accumulation in price drops. Typically, the government add one bitcoin a day to its public reserve and, at key moments it sees in the market, it makes a larger acquisition as in this case.

Its new accumulation occurs despite the fears that exist in the market on the price of bitcoin continuing with bearish winds. In this sense, the movement highlights the bullish sentiment of the Salvadoran government, against negative projections.

With this new addition, El Salvador has a total of 7,474 BTC, valued at almost 700 million dollars. As recorded in the browser DropsTabthe country’s investment made so far is 312 million dollars, which represents an unrealized gain of 268 million dollars.

The president of El Salvador, Nayib Bukele, celebrated the increase in the reserve with a short exclamation of celebration on the X network, without delving deeper into the subject.

“El Salvador is winning,” declared the country’s Bitcoin Office, in charge of currency acquisitions, in the announcement.

It should be noted, however, that, as the International Monetary Fund (IMF) noted this year, El Salvador’s bitcoin stock remains “unchanged,” in line with its loan agreement. According to the agency, the increases in its reserve reflect the consolidation of bitcoin across several government-owned wallets.

That is why, as CriptoNoticias reported, it is unknown if the accumulation that the country reports daily is new purchases or holdings that were outside public knowledge.