El Salvador Adds $100 Million in Bitcoin to National Reserves
President Nayib Bukele announced that El Salvador has bolstered its Bitcoin holdings by $100 million, bringing the total to over 5,800 BTC acquired since 2021. The purchase, made at an average price of $92,500 per coin during recent dips, underscores the country's unwavering commitment to Bitcoin as legal tender despite global market turbulence. This move comes amid a broader crypto downturn, with BTC down 28% from its October peak above $126,000. Bukele touted the strategy on social media, claiming long-term gains outweigh short-term volatility, as the nation's BTC stash now values at approximately $530 million. Critics argue it diverts resources from infrastructure, but supporters point to El Salvador's pioneering role in crypto adoption, including volcano-powered mining.
