El Salvador Invests $100 Million in Bitcoin Amidst Market Slump

El Salvador made a significant move in its ongoing commitment to cryptocurrency, acquiring 1,090 BTC worth over $100 million on a single day. This purchase increases the country’s total Bitcoin reserves to 7,474 BTC, valued at an estimated $676 million. This transaction follows El Salvador’s daily Bitcoin purchasing strategy initiated in November 2022, aiming to bolster financial independence and reduce reliance on traditional banking systems and the US dollar. President Nayib Bukele confirmed the purchase through the Bitcoin Office and public announcement.