Fear Dominates as Bitcoin Breaks Below $90,000

Bitcoin’s retreat to levels not seen in months triggered a significant shift in market sentiment. The Crypto Fear and Greed Index reflected this dynamic clearly, plunging to a reading of 11 and entering the “extreme fear” zone. While this atmosphere fueled further anxieties among retail investors, it simultaneously opened a door for those willing to take advantage of discounted prices.

Large holders, often referred to as whales, began accumulating Bitcoin aggressively throughout the downturn—an indication that some market participants viewed the correction as a favorable entry point rather than a threat.

El Salvador Executes Its Largest Daily BTC Acquisition

El Salvador, known for its pro-Bitcoin stance, has been steadily expanding its reserves through a long-running strategy of daily BTC purchases. Since November 2022, the country has been buying 1 BTC per day as part of its accumulation plan. With the latest market slide, this strategy intensified significantly. On Monday evening, the government purchased 1,090 BTC in a single action, marking the country’s biggest one-day Bitcoin acquisition to date.

The purchase—valued at roughly $100 million—pushed El Salvador’s total holdings to 7,474 BTC. Based on current prices, this represents approximately $676 million in Bitcoin reserves. The move reaffirmed the government’s commitment to its Bitcoin strategy despite ongoing volatility in global markets.

A Long-Term Strategic Move

Economists interpret this substantial purchase as part of El Salvador’s long-term financial strategy rather than a reactive decision. Although the drop in price created short-term uncertainty, President Nayib Bukele’s administration continues to emphasize Bitcoin as a crucial component of the nation’s reserve structure.

This record-setting acquisition underscores El Salvador’s conviction in Bitcoin’s future and highlights how periods of widespread market fear can create strategic opportunities for nations and institutional investors prepared to act decisively.

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What Will Cryptocurrencies Bring to Bolivia’s Economy?

In 2014, Bolivia imposed a strict ban on cryptocurrencies. However, with recent efforts to transform its financial system, the country decided to lift this ban. Since the beginning of 2024, Bolivia has allowed the use of digital assets, and cryptocurrency transactions have rapidly increased. In the country, stablecoins like Tether (USDT) have started being used in daily payments and small businesses. In cities like Cochabamba, restaurants and stores have begun accepting Bitcoin for payments.

Bolivia’s rapid growth in digital assets is evident as the transaction volume, which was 46.5 million dollars in June 2024, rose to 294 million dollars in June 2025. This increase shows that cryptocurrencies are driving a significant transformation in Bolivia’s financial system.

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Collaboration with El Salvador

Bolivia’s partnership with El Salvador aims to strengthen the country’s digital asset ecosystem. In July 2025, a memorandum of understanding was signed, with the Bolivian Central Bank (BCB) and El Salvador’s Digital Assets Commission (CNAD) working together on cryptocurrency policies, regulatory strategies, and blockchain technology. El Salvador is the first country to officially adopt Bitcoin as its national currency, and this experience will help Bolivia integrate digital currencies into its economy in a more secure and regulated manner.

Cryptocurrencies have gained popularity, especially among small businesses in Bolivia. The low transaction fees and fast money transfers provided by cryptocurrencies have created an attractive alternative for local entrepreneurs. These developments highlight the growing role of digital currencies in Bolivia’s economic structure.

However, experts warn that the volatility of cryptocurrencies could pose potential risks, particularly for lower-income groups. Therefore, as the use of digital currencies expands, appropriate regulatory measures and educational programs are emphasized as necessary to mitigate these risks.

Modernization and Growth with Cryptocurrencies

Bolivia’s partnership with El Salvador aims to strengthen the role of digital assets in the financial system. This collaboration could help Bolivia adopt digital currencies on a broader scale. However, the volatility of the cryptocurrency market and regulatory uncertainties remain major barriers to this transformation.

Nevertheless, Bolivia’s efforts to integrate digital assets into the financial system may contribute to modernizing the country’s financial infrastructure. This development could lead to greater acceptance of digital currencies in the future and their larger role in global economies.

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Not Just Buying — A Diversified Bitcoin Strategy

El Salvador’s Bitcoin acquisition approach goes beyond direct purchases. Revenue generated from the state-backed digital wallet Chivo, along with Bitcoin mined via geothermal energy from volcanoes, contributes to the nation’s growing digital treasury. This multifaceted strategy showcases an unconventional yet calculated economic model focused on digital asset growth.

President Nayib Bukele frequently announces new Bitcoin purchases via social media, often during price dips — embracing a clear “buy the dip” strategy. This hands-on approach aims to turn market volatility into long-term opportunity.

The Role of the National Bitcoin Office (ONBTC)

At the center of the country’s crypto efforts is the National Bitcoin Office (ONBTC), which oversees everything from treasury management and public education to regulation and global collaboration. The recent public disclosure of updated BTC holdings reflects the ONBTC’s emphasis on transparency and accountability in managing digital assets.

Bitcoin as a Path Toward Economic Independence

Although El Salvador’s BTC holdings are currently valued around $674 million, the real significance lies in the nation’s broader economic vision. The government sees Bitcoin as a tool to reduce dependence on the U.S. dollar, attract foreign investment, boost tourism, and offer financial services to the unbanked population. With an expectation that Bitcoin will increase in value over time, the strategy could substantially enhance national wealth and support future public initiatives.

Bold Vision, Real Risks

This pioneering crypto strategy does come with its share of risks. The volatile nature of Bitcoin means fluctuations in the value of national holdings could affect the country’s financial stability. International financial institutions have raised concerns about potential threats to macroeconomic health and consumer protection. Still, El Salvador remains committed to its crypto course.

Looking forward, plans like “Bitcoin City”, powered by volcanic geothermal energy, and continued investments in crypto education and infrastructure aim to deepen the country’s integration with blockchain technology.

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Shawn Young, chief analyst at MEXC Research, attributes this cautious stance to volatility, regulatory uncertainty, and structural conservatism. “Central banks prioritize stability and liquidity — and Bitcoin, despite its resilience, still doesn’t consistently offer these qualities,” he said.

Shift Away from Traditional Bonds

The survey also highlights a growing appetite for diversification. While gold remains the dominant reserve asset, central banks are increasingly eyeing corporate bonds and public equities for the next 10 years. About 16% expect to reduce their government bond holdings, and 13% plan to cut cash reserves.

Meanwhile, digital assets are slowly gaining ground. Around 10% of participants said they might increase exposure to digital assets, though the focus is primarily on tokenized securities rather than mainstream cryptocurrencies.

Governments Are Holding Bitcoin?

According to Chainalysis, some governments have started to accumulate significant amounts of cryptocurrency, mainly from law enforcement seizures. Unlike in the past, these assets are now being strategically held instead of immediately liquidated. The United States is among the countries shifting toward this approach.

In China, approximately $50 billion worth of seized crypto is held, although the lack of a centralized management policy raises concerns about transparency and long-term value. Analysts believe that a unified national strategy could reshape China’s stance on digital assets.

Early Bitcoin Adopters: El Salvador and Bhutan

El Salvador made global headlines in 2021 when it became the first country to adopt Bitcoin as legal tender. While the move attracted investment and attention, it also triggered political friction, particularly with the IMF, leading the country to soften some of its policies. Young notes that El Salvador’s goal was to attract investment, tourism, and tech infrastructure.

Shifting Sentiment in Europe

In a bold departure from traditional European monetary policy, Czech National Bank Governor Aleš Michl proposed allocating 5% of the country’s reserves to Bitcoin. This view contrasts with the European Central Bank, where President Christine Lagarde continues to reject Bitcoin as a viable reserve asset due to concerns over liquidity, security, and AML compliance.

Switzerland presents a unique case: a 2024 People’s Initiative aims to amend the constitution, requiring the Swiss National Bank to hold Bitcoin alongside gold. If successful, it could lead to the world’s first national referendum on Bitcoin as a reserve asset — showcasing rising public and institutional acceptance of digital assets in a country known for financial privacy.

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With its latest acquisition, Metaplanet now holds 6,796 BTC, exceeding the official Bitcoin reserves of El Salvador. At current market value, this stash is worth approximately $707 million.

From Bold Moves to Global Rankings

On May 12, the Tokyo-listed company announced it had purchased an additional 1,241 BTC at a unit price of 14.8 million yen (about $101,843), marking its highest per-coin acquisition to date.

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CEO Simon Gerovich stated on X, “From humble beginnings to rivaling nation-states, we’re just getting started,” signaling the company’s growing ambition in the crypto space.

Asia’s Largest Bitcoin Holder

With these moves, Metaplanet has become the largest Bitcoin holder in Asia and the tenth largest globally. The firm bought 5,555 BTC on May 7 alone, following four purchases in April totaling 18,586 BTC and six in March totaling 18,925 BTC.

Metaplanet also reported a quarterly BTC Yield of 38%, following a 95.6% yield in Q1 2025 — a metric that reflects the growth of Bitcoin holdings per fully diluted share.

Meanwhile, Michael Saylor hinted at another possible acquisition by his firm with a cryptic “Connect the dots” message accompanied by a screenshot of the “Saylor Tracker.” Historically, such posts have preceded major BTC purchases.

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This acquisition comes despite a $1.4 billion IMF deal signed in December 2024, which included stipulations that El Salvador stop using public funds to purchase Bitcoin. However, the government appears unfazed by the agreement’s conditions.

President Bukele Pushes Back Against IMF

In January 2025, El Salvador’s Congress repealed the Bitcoin legal tender law, but the country’s Bitcoin acquisitions did not slow. In March, the IMF reiterated its demand to stop BTC purchases. President Nayib Bukele strongly opposed the request:

“No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘Bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” Bukele declared on X.

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A Blueprint for Future Bitcoin Nations

El Salvador is currently the only country buying Bitcoin in open markets, setting an example that crypto leaders believe could inspire other nations to follow suit. The country’s strategy combines financial independence with technological innovation to support long-term economic growth.

El Salvador remains at the forefront of global Bitcoin adoption, pursuing a path of sovereignty in the digital age.

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The El Salvador Treasury acquired 7 Bitcoin (BTC) worth over 650,000$ in the seven days leading up to April 27, according to blockchain data shared by the country’s Bitcoin Office.

Rodrigo Valdes, Director of the IMF’s Western Hemisphere Department, confirmed during an April 26 press briefing that El Salvador is still complying with the agreement prohibiting Bitcoin accumulation by the government sector. “The El Salvador program is not just about Bitcoin, it involves deeper structural reforms, governance improvements, and enhanced transparency,” Valdes said.

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In December 2024, El Salvador signed a deal with the IMF for a 1.4 billion dollar loan, which required the government to drop Bitcoin’s legal tender status and halt additional BTC purchases.

Flexible Interpretation Leaves Room for Bitcoin Buys

Intergovernmental blockchain advisor and author Anndy Lian explained that the IMF deal might allow non-governmental entities to continue acquiring Bitcoin. “The flexible interpretation allows Bitcoin purchases through non-public sector assets or reclassified investments,” Lian said.

This strategy enables El Salvador to maintain its Bitcoin-friendly image while meeting IMF funding requirements. Lian also emphasized that El Salvador’s experience offers critical lessons for other nations considering crypto adoption.

El Salvador’s case highlights the tension between financial innovation and traditional economic frameworks, underlining the importance of strong regulatory frameworks and robust state capacity to withstand international financial pressures.

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This data, reported by local outlet El Mundo using figures from the Central Reserve Bank of El Salvador, indicates that most registered providers have failed to meet regulatory requirements under the nation’s Bitcoin Law.

Strict Bitcoin Law Leaves Firms Inactive

El Salvador’s regulatory framework for Bitcoin companies includes Anti-Money Laundering (AML) compliance, accurate financial reporting, and a customized cybersecurity program suited to each company’s operations. At least 22 non-operational firms have reportedly failed to comply with the majority of these conditions.

In total, 89% of companies on the official registry have not fulfilled the necessary legal obligations to remain active.

Some Companies Still Compliant with National Standards

Despite the setbacks, a handful of firms, such as the government-supported Chivo Wallet, Crypto Trading & Investment, and Fintech Américas, have managed to meet the compliance criteria and maintain their active status.

Bitcoin’s Role in El Salvador’s Economic Plan Faces Uncertainty

El Salvador adopted Bitcoin as legal tender in 2021, positioning it alongside the US dollar as part of President Nayib Bukele’s bold economic vision. However, recent developments suggest a shift in policy.

The country secured a $1.4 billion loan agreement with the International Monetary Fund (IMF), which includes a provision to scale back Bitcoin initiatives. According to the agreement, taxes must now be paid in US dollars, and public institutions are to limit their use of Bitcoin.

Although the IMF has called on El Salvador to halt public sector Bitcoin acquisitions, President Bukele has asserted that the government will continue to accumulate Bitcoin, casting doubt on the IMF deal’s implications.

Further fueling speculation, a new law altering Bitcoin’s legal tender status is reportedly set to take effect on April 30, raising questions about the future of Bitcoin within El Salvador’s public and private sectors.

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El Salvador signed a $1.4 billion loan deal with the IMF in December 2024. As part of the agreement, the government pledged to revoke Bitcoin’s legal tender status and reduce public sector involvement with BTC. However, data shows the government is continuing its daily purchases.

Total Reserves Reach 6,105 Bitcoin

According to the El Salvador Bitcoin Office, the country’s Bitcoin treasury now holds 6,105 BTC, valued at more than $527 million at current prices. The country usually acquires 1 BTC per day but made a bulk purchase of 5 BTC on March 3.

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Bukele: “We Will Not Stop Buying”

On March 3, the IMF issued a new request pressuring El Salvador to stop accumulating Bitcoin and forbidding any issuance of debt or tokenized securities tied to BTC. Despite this, Nayib Bukele declared that the government will continue buying BTC, characterizing the IMF’s demands as “whining.”

Bukele stated:

“If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”

El Salvador’s unapologetically pro-Bitcoin stance has led many major crypto firms to relocate to the country. On January 7, Bitfinex Derivatives announced it would move its headquarters from Seychelles to El Salvador. On January 13, stablecoin issuer Tether followed by announcing plans to relocate its headquarters to El Salvador.

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Treasury Secretary Scott Bessent: The US Should Bring Bitcoin Onshore

US Treasury Secretary Scott Bessent has called for bringing Bitcoin within the country’s borders and mentioned he would discuss ways to acquire more BTC at the White House Crypto Summit on March 7.

In an interview with CNBC, Bessent criticized the US government’s previous Bitcoin sales. He stated:

“I’m a big proponent of the US taking the lead in crypto. We need to bring it onshore and apply our best practices and regulations. For the Bitcoin Reserve — before you start accumulating — you need to stop selling it.”

Bessent further explained that after compensating victims of financial misconduct or settled court cases from the US government’s seized Bitcoin stockpile, the remaining Bitcoins would go into the strategic reserve.

On March 6, President Donald Trump signed an executive order establishing both a strategic Bitcoin reserve and a separate digital asset stockpile. Trump will host industry leaders at the White House on March 7 to discuss future crypto policies.

US Bitcoin Strategic Reserve Intensifies Global Competition

While smaller countries like El Salvador already have strategic Bitcoin reserves, the influence of the US, with the world’s strongest capital markets, is likely to push other nations into the race.

According to asset manager Anthony Pompliano, the global race for Bitcoin began in 2024, arguing that the US should take the lead to stay ahead of other countries.

David Bailey, CEO of Bitcoin Magazine, speculated that China has quietly been working on a Bitcoin reserve for months, following Trump’s re-election.

Trump’s executive order on the strategic reserve further legitimizes Bitcoin for institutional investors and solidifies the asset class as a major financial vehicle.

Bitcoin is considered digital gold and offers classic store-of-value properties. However, due to the novelty of cryptocurrencies, many investors view BTC as a risky asset.

This characterization has led Bitcoin’s price to crash during macroeconomic shocks like trade wars, high inflation data, and unfavorable interest rate decisions.

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