El Salvador's bitcoin reserve has expanded to 7,762 BTC this week, according to confirmation from the country's Bitcoin Office. The accumulation reflects the government's ongoing policy of purchasing approximately one bitcoin per day, a practice that began after El Salvador became the first nation to adopt bitcoin as legal tender in 2021.
At bitcoin's price near $77,000 per coin, the reserve is worth approximately $598 million, positioning El Salvador among the world's largest sovereign bitcoin holders. The government has described the strategy as dollar-cost averaging at a national scale, prioritizing the volume of bitcoin accumulated over short-term price fluctuations.
Between January and April alone, El Salvador added more than 1,600 bitcoins to its reserve, demonstrating the sustained pace of purchases over the past five years. This accumulation has continued despite a $1.4 billion financing agreement with the International Monetary Fund that explicitly requested the government halt public-sector bitcoin purchases and make merchant acceptance of bitcoin voluntary.
Bitcoin's status as legal tender was formally rescinded through a legislative amendment tied to the IMF deal, yet the reserve-buying policy remained unchanged. President Nayib Bukele has characterized the reserve as a long-term position and has continued the daily purchase strategy without interruption.
The daily bitcoin purchases represent the most visible component of El Salvador's broader cryptocurrency engagement, which initially included making bitcoin legal tender and developing the Chivo wallet to facilitate everyday use. While bitcoin's legal-tender status has been withdrawn and the Chivo wallet has faced operational challenges, the reserve accumulation strategy has persisted through these shifts.
