Bitcoin slipped below the $90,000 mark for the first time in seven months on Tuesday — the latest sign that investors have lost their risk appetite. But the fall has proved an unexpected boon for El Salvador as President Nayib Bukele leads a steady push for accumulation. The Central American country purchased Bitcoin worth $100 million over the past seven days to increase its total holdings to 7474.37 BTC.
Bukele posted a screenshot on social media to announce the purchase — revealing that the country now owned a crypto reserve worth $688 million. He had shocked the world in June 2021 after announcing that El Salvador would adopt bitcoin as legal tender. Only two countries have adopted such a policy to date, with the Central African Republic recognising bitcoin within its own borders a year after Bukele.
‘A bitcoin a day’
El Salvador had introduced a policy in November 2022 to buy “one bitcoin every day” for the foreseeable future. The policy has undergone some changes over the years but the push for digital currencies continues unabated. An IMF agreement in late 2024 had forced the country to curtail official bitcoin purchases and triggered flexible interpretations — such as management of purchases via non-public entities and outside the fiscal sector to ensure compliance.
The details posted by Bukele on Tuesday morning indicated that the country currently holds 7474.37 BTC worth $688,397,327. Purchase had been gradually ramped up throughout November before surging sharply on Monday.
Bitcoin down nearly 30% from record peak
The risk-sensitive cryptocurrency has erased 2025 gains and is now down nearly 30% from a peak above $126,000 in October. It traded down 2% at $89,953 in the Asia afternoon, having collapsed through chart support around $98,000 last week. Market participants told Reuters that a combination of doubts around future US interest rate cuts and the mood in broader markets (which have wobbled after a long rally) was dragging down crypto.