- El salvador has increased its Bitcoin reserves by purchasing over 1,000 BTC amid a major market downturn.
- The government now holds nearly 7,500 BTC following a consistent policy of buying one bitcoin per day.
- These acquisitions persist despite International Monetary Fund (IMF) advisories against expanding public sector cryptocurrency holdings.
- Recent bitcoin purchases occur alongside coordination between El Salvador and U.S. officials on cryptocurrency regulation and oversight.
- Bitcoin’s price dropped below $90,000 amid declining global market risk sentiment.
El Salvador has added more than 1,000 bitcoin (BTC) to its national cryptocurrency reserves during one of the year’s sharpest downturns in the market. The government continues its policy of acquiring one bitcoin daily, bringing its holdings to nearly 7,500 BTC according to the official government website. This strategy remains in place even though the International Monetary Fund (IMF) has recommended limiting public sector cryptocurrency assets.
The recent accumulation follows a period of increased dialogue between El Salvador’s President Nayib Bukele and U.S. authorities, including a June meeting with White House crypto adviser Bo Hines. This engagement reflects broader cooperation on the regulation and oversight of digital assets.
Bitcoin’s price fell beneath $90,000 as trading progressed in Asia. The decline is part of a wider drop aligned with weakening risk appetite in global financial markets. The continued purchases by El Salvador occur amid these market challenges and regulatory discussions.
For further details, the government’s bitcoin holdings are publicly accessible on the official platform here.
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