Buying the Dip, Presidential Style

While most investors panic during a crypto meltdown, El Salvador's President Nayib Bukele took to X with a triumphant "Hooah!" The reason? His country just hoovered up another massive chunk of Bitcoin (BTC) as prices tanked.

Bukele shared a screenshot from El Salvador's Bitcoin Office dashboard showing the numbers: 1,098 BTC purchased in the past week, worth $99.34 million. The really eye-popping part? Nearly all of that—1,090 BTC valued at $98.61 million—was bought within a single 24-hour period.

This buying spree happened as Bitcoin took a nosedive below $90,000 for the first time in nearly seven months. When everyone else is selling in a panic, El Salvador is apparently backing up the truck.

The Growing Stockpile

According to DropsTab, El Salvador's national Bitcoin stash has climbed to 7,437.37 BTC, currently worth $672.85 million. Even better for Bukele's narrative: the country is sitting on an unrealized profit of $264.63 million.

El Salvador made headlines in 2021 as the first country to adopt Bitcoin as legal tender. It was a bold experiment that drew international attention and plenty of skepticism. Despite the government's enthusiasm, Bitcoin adoption among everyday Salvadorans remains relatively low, with most citizens still preferring the U.S. dollar for daily transactions.

Defying the IMF

Here's where things get interesting. The International Monetary Fund asked El Salvador to stop buying Bitcoin with public funds as part of a $1.4 billion funding deal earlier this year. The country made some concessions—tweaking its Bitcoin law to make acceptance voluntary rather than mandatory—but clearly didn't abandon its accumulation strategy.

Today, El Salvador ranks as the fifth-biggest government holder of Bitcoin globally, according to bitcointreasuries.net, trailing only the U.S., China, and the UK.

At the time of writing, Bitcoin was trading at $90,469, down 4.89% over the previous 24 hours.