El Salvador made full use of the market drop Thursday by buying as many as 11 Bitcoins BTC/USD, worth over a million dollars, for its reserve.
What happened: According to the National Bitcoin Office, an agency tasked by President Nayib Bukele to oversee all things related to the leading cryptocurrency, the Central American nation upped its daily purchase tally to 11, 10 more than the one Bitcoin per day policy.
With the latest grab, the country's Bitcoin stockpile grew to 5,980.77, worth $581 million at current prices, with an unrealized profit of over $307 million.
The aggressive dip-buying followed a sharp downturn in the market, which saw the apex cryptocurrency fall below $96,000.
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Why It Matters: The purchases come a day after El Salvador signed a $1.4 billion loan arrangement with the International Monetary Fund, which included a condition that the country scale back its Bitcoin push.
However, Stacy Herbert, Director of the National Bitcoin Office, stated that El Salvador will continue to buy Bitcoin at an "accelerated pace" and that Bitcoin-friendly policies will continue to be implemented.
El Salvador became the first country to adopt the leading digital asset as its legal tender in 2021. Despite these efforts, Bitcoin adoption among Salvadorans remains low, with the majority still relying on the U.S. dollar as the country’s primary currency.
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