El Salvador doubles down on Bitcoin purchases amid market chaos, buys $100 million worth of cryptocurrency

El Salvador President Nayib Bukele is in the spotlight after he announced that the Central American country bought Bitcoin worth $100 million. The latest purchase increases El Salvador's BTC stockpile by 17% from the day before.

Revealing that the country now owned a crypto reserve worth $688 million, Nayib Bukele made this major declaration on social media. According to the dashboard provided by the country’s so-called Bitcoin Office, El Salvador made this purchase to increase its total holdings to 7474.37 BTC. Sharing a screengrab of the country’s official stockpile on Instagram, the millennial leader wrote, “Hooah!”, which had increased Bitcoin stockpile by 17% from the day before.

Notably, the Bitcoin slipped below the $90,000 mark for the first time in seven months on 18 November and El Salvador used this opportunity to make this major purchase.

The world’s largest cryptocurrency Bitcoin crashed nearly 30% from its 2025 peak and has slid nearly 27% from last month’s all-time high of $126,000. While Bitcoin briefly dropped below $90,000 on 18 November, Gold seems to be outperforming the token.

This latest purchase aligns with June 2021 announcement when El Salvador declared that it would adopt Bitcoin cryptocurrency as legal tender. So far, only two countries have adopted such a policy. Central African Republic followed suit almost a year after Nayib Bukele's recognition of Bitcoin within its borders.

El Salvador's massive crypto transaction comes months after the International Money Fund insisted El Salvador to Decrypt alleging that the increases are not purchases but rather internal transfers. As per finance.yahoo.com report, the country agreed to make the acceptance of Bitcoin payments voluntary as part of a $1.4 billion loan agreement with the IMF with plans to reduce its role in digital wallet program Chivo.

Following the market-rattling collapse of crypto exchange FTX in 2022, Bukele had said that he would buy a Bitcoin per day when the cryptocurrency changed hands around $16,700. Data indicates that the country has continued to add 1 BTC daily to its balance throughout this period.

Nayib Bukele's popularity in focus

Nayib Bukele remains one of the most popular leaders in the world with an extraordinary 91% approval rating, according to latest rankings by the Morning Consult. His leadership is defined by his administration's aggressive security strategies, sweeping public-safety reforms, and high-profile modernisation efforts. Domestically, he enjoys overwhelming support and a political mandate among Salvadorans.

Meanwhile, Prime Minister Narendra Modi holds a robust 71% approval rating. Known for strengthening India’s global presence and promoting national development programs, PM Modi's robust approval rating can be attributed to his transformative and energetic leadership with high visibility on the world stage.