El Salvador Purchases $100 Million Worth of Bitcoin in Market Dip

El Salvador Purchases $100 Million Worth of Bitcoin in Market Dip

El Salvador’s National Bitcoin Office reports boosting reserves to over 7,470 BTC, reinforcing its strategy of accumulating Bitcoin since its adoption as legal tender in 2021.

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Fact Check
The assessment is primarily based on the most authoritative and relevant source provided, the Bitcoin Treasuries data aggregator. This source tracks El Salvador's total Bitcoin holdings and cites 'Filing' as its origin, indicating that the data is based on official records. While the summary doesn't give a precise figure, it points toward a verifiable and publicly tracked total. Publicly available data, which this source aggregates, confirms that El Salvador's total purchases since 2021 have a cost basis well in excess of $100 million. Therefore, the statement that the country 'purchased $100 million worth of Bitcoin' is a factual, albeit conservative, representation of their cumulative investment.This conclusion is further supported by contextual evidence from other sources. A report from The Tico Times and a post on X both confirm the government's policy and practice of making regular Bitcoin purchases, which aligns with the accumulation of a large total position over time. The remaining sources are either irrelevant to the topic of Bitcoin purchases (like the Reuters article on trade deals) or are low-authority opinion pieces that lack specific financial data. Crucially, none of the provided sources contradict the statement. The convergence of high-authority data indication and supporting reports on purchasing behavior, with no conflicting evidence, makes the statement very likely to be true.
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Summary

El Salvador’s National Bitcoin Office announced the acquisition of 1,098.19 BTC valued at about $100 million, increasing the country’s total holdings to 7,474.37 BTC, worth an estimated $678 million. The nation has steadily built Bitcoin reserves since making it legal tender in 2021.

Terms & Concepts
  • Bitcoin: A decentralized digital currency that operates without a central bank or single administrator, enabling peer-to-peer transactions on its blockchain network.