El Salvador bought bitcoin this week as the price tumbled to $65,700, leaning into the slide rather than pulling back. The purchase pushes the country's strategic bitcoin reserve past $510 million, with roughly 7,600 BTC now in its coffers. It's a fresh bet on the asset at a moment many traders are heading for the exits.
Inside the buy
The transaction happened as bitcoin briefly dipped under $66,000 — a level not seen in weeks. El Salvador's government didn't announce the exact amount of the purchase, but the move is consistent with its long-running strategy of buying on weakness. The reserve now sits at about 7,600 BTC, worth over $510 million at current prices.
Why now
The timing isn't random. Bitcoin's slide this week spooked some institutional holders, but El Salvador took the opposite approach. President Nayib Bukele has made dollar-cost averaging into bitcoin a core policy, and this week's dip gave the country another chance to add at a discount. The government has been accumulating since 2021, often buying in chunks of one or two bitcoin at a time.
Reserve growth
El Salvador's bitcoin reserve has grown steadily despite the asset's wild price swings. The country now holds more than $500 million worth, making it one of the largest sovereign bitcoin holders. Critics question the strategy, but the government sees it as a hedge and a bet on future adoption.
El Salvador shows no signs of stopping. The next purchase will likely come the next time bitcoin drops, as the government continues its daily buy routine. Whether the price falls further or rebounds, the country plans to keep stacking.
