0xcpatocrypto
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The government of El Salvador announced the acquisition of 1,090 bitcoins, according to a post by President Nayib Bukele on social media, raising national reserves to 7,474 BTC, according to the country's National Bitcoin Office.
The purchase would be equivalent to US$ 100 million, according to local press sources. The initiative comes at a time of falling cryptocurrency prices, signaling that the country is taking advantage of the depreciation to strengthen its position.
Experts interpret the move as a more aggressive tactic than the traditional daily purchase by DCA ("dollar-cost averaging").
The announcement reignites the debate over the agreement with the International Monetary Fund (IMF), which, according to reports, requires El Salvador to limit new Bitcoin purchases by the public sector.
Despite this, Bukele has publicly stated that he will continue to buy:
"We will not stop now, nor in the future," he said.
{spot}(BTCUSDT)
The purchase would be equivalent to US$ 100 million, according to local press sources. The initiative comes at a time of falling cryptocurrency prices, signaling that the country is taking advantage of the depreciation to strengthen its position.
Experts interpret the move as a more aggressive tactic than the traditional daily purchase by DCA ("dollar-cost averaging").
The announcement reignites the debate over the agreement with the International Monetary Fund (IMF), which, according to reports, requires El Salvador to limit new Bitcoin purchases by the public sector.
Despite this, Bukele has publicly stated that he will continue to buy:
"We will not stop now, nor in the future," he said.
{spot}(BTCUSDT)
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