Nikolas Sargeant
El Salvador has purchased 21 Bitcoin worth approximately $2.3 million to commemorate the fourth anniversary of its Bitcoin Law, President Nayib Bukele announced on social media. The symbolic purchase was made on September 8, which the country recognizes as "Bitcoin Day," marking the anniversary of when El Salvador became the first nation to adopt Bitcoin as legal tender in September 2021.
The acquisition brings El Salvador's total Bitcoin holdings to 6,313.18 BTC, valued at approximately $701-702 million. The purchase continues the Central American nation's aggressive Bitcoin accumulation strategy, which has included a "one-Bitcoin-a-day" buying approach at various points since adopting the cryptocurrency as official currency alongside the U.S. dollar.
The latest Bitcoin purchase comes despite ongoing pressure from the International Monetary Fund (IMF), which has urged El Salvador to halt state-led Bitcoin acquisitions as part of loan conditions. The IMF has repeatedly expressed concerns about the country's Bitcoin strategy, citing potential risks to financial stability and fiscal policy, as detailed in recent analysis of the IMF restrictions. However, President Bukele has remained steadfast in his commitment to the cryptocurrency experiment.
The anniversary purchase underscores El Salvador's continued dedication to its Bitcoin strategy, even as domestic usage of Bitcoin for transactions has declined from 25.7% in 2021 to 8.1% in 2024 according to university polling data. The symbolic nature of buying exactly 21 BTC—referencing Bitcoin's maximum supply of 21 million coins—demonstrates the government's ongoing commitment to positioning the country as a global Bitcoin leader despite international skepticism and domestic challenges.
