President Bukele Re-Ignites the Faith: El Salvador Buys Bitcoin Again

El Salvador has resumed its bitcoin purchases after a week of hiatus, according to data presented by the Bitcoin Office of the country.

El Salvador has resumed its bitcoin purchase schedule, buying 7 BTC after a one-week hiatus, which raised concerns among bitcoiners.

The Central American nation, which adopted bitcoin as legal tender in September 2021, has been gradually adding to its cryptocurrency reserves since then. However, there was a pause in these purchases for about a week, leading to speculation about whether El Salvador was halting its bitcoin acquisition program.

Now, the Bitcoin Office of El Salvador has announced that 7 more BTC have been added to the country's strategic bitcoin reserve. This purchase comes to dispel the rumors of a possible halt in these movements, as recently the government made regulatory changes concerning the consideration of bitcoin as legal tender.

And while the wording of the reform of the bitcoin law might be confusing, these modifications are already affecting how bitcoin is treated in the internal Salvadorean market, where acceptance might be affected.

President Bukele Re-Ignites the Faith: El Salvador Buys Bitcoin Again

El Salvador has resumed its bitcoin purchases after a week of hiatus, according to data presented by the Bitcoin Office of the country. The organization reported that 7 BTC more had been acquired to become part of the country’s strategic bitcoin reserve.

The purchase comes to thwart the rumors of a possible stop in these movements. While President Nayib Bukele has reaffirmed that El Salvador will continue to purchase bitcoin despite the deal inked with the International Monetary Fund (IMF), the government recently made regulatory changes concerning the consideration of bitcoin as legal tender.

And while the scanner technology, which allows merchants to accept bitcoin payments without having to integrate with third-party services, is still in the works, these changes might affect how bitcoin is treated in the internal Salvadorean market, where acceptance could be affected.

In any case, this new purchase serves as a reminder that El Salvador will maintain its purchases as long as the IMF, which agreed to open a $1.4 billion credit facility to the Bukele administration, still allows it.

In his characteristic tongue-in-cheek style, Bukele highlighted the purchase on social media, posting a screenshot of the acquisition. He stated:

O ye of little faith…

Strategy's Michael Saylor, who met with Bukele recently, also chimed in, commenting on his trust in the Salvadoran bitcoin bet. “I have faith,” he replied.

With this purchase, El Salvador's strategic bitcoin reserves reach 6.088,18 BTC, valued at nearly $560 million at current prices.

Even with the pause, El Salvador acquired 41 BTC during the last 30 days. This means that Bukele's government has exceeded the goals of its “one bitcoin a day” purchase program implemented in March.

At that time, Bukele stated that this would continue until BTC became “unaffordable” with fiat currencies.