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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Bitcoin Banks and El Salvador’s Financial Transformation 

The Bitcoin Office of El Salvador stated that this new financial model will place Bitcoin at the center of the national economy. Meanwhile, with the launch of Bitcoin Banks, El Salvador’s financial sector will undergo a profound change. The country was the first to adopt Bitcoin as a legal payment method. This move aims to increase transparency and innovation in the financial system. President Nayib Bukele’s advisor Max Keiser emphasized that the BTC strategy is “unstoppable.” 

Keiser highlighted Bitcoin’s revolutionary impact on the global financial system. On the other hand, Bitcoin consumes the world’s $400 trillion hidden value, weakening the influence of central banks. Max Keiser and his wife Stacy Herbert have been key figures behind El Salvador’s pro-Bitcoin policies. Therefore, the opening of Bitcoin Banks will mark a new era in the country’s Bitcoin revolution. 

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— The Bitcoin Office (@bitcoinofficesv) August 8, 2025

A New Chapter in El Salvador’s Bitcoin Strategy 

Bitcoin Banks will fully integrate Bitcoin into El Salvador’s financial infrastructure. Moreover, this initiative aims to position the country as a global hub for Bitcoin innovation. However, the exact operations and service details of Bitcoin Banks will become clear in the coming days. Additionally, this effort is expected to set a global example in financial systems. 

These developments will increase Bitcoin adoption in El Salvador while attracting investor attention. Bitcoin Banks will bring new dynamism to the country’s economic structure. In conclusion, El Salvador is taking another significant step forward in its Bitcoin revolution. 

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The government and the National Bitcoin Office of El Salvador claimed an increase in Bitcoin held in official wallets. President Nayib Bukele also stated via social media that the daily purchase program continued in March. However, IMF data reveals that the increase in holdings was due to internal transfers between government wallets, not fresh Bitcoin purchases from the market. 

Additionally, the report highlights that the small Bitcoin movements in the government’s Chivo e-wallet were not from public funds but resulted from internal adjustments. 

IMF and Bitcoin Policy 

El Salvador recognized Bitcoin as legal tender in 2021. However, as of January 2025, the legal status of Bitcoin was revoked. Moreover, under pressure from international creditors, the government ceased Bitcoin acquisitions and pledged not to use public funds for such purchases. The IMF’s latest report confirms El Salvador’s adherence to these commitments. 

On the other hand, despite official and social media claims that Bitcoin buying was ongoing, significant discrepancies emerged between the reported actions and actual data. These inconsistencies raised concerns about transparency and credibility. It became evident that the apparent increase in Bitcoin holdings was merely the result of internal transfers, leaving investors and the public misinformed. 

Nevertheless, El Salvador’s Bitcoin strategy and fiscal outlook continue to draw close attention from the global economy and crypto markets. Ultimately, the IMF report highlights the government’s commitment to financial discipline and international obligations.

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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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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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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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As part of the agreement, the IMF required El Salvador to limit the use of BTC in the public sector and make acceptance voluntary in the private sector. However, the government announced that it would maintain BTC’s legal currency status and continue to increase its reserves through a regular savings (DCA) strategy. “We will win slowly and steadily and hold Bitcoin with diamond hands,” ONBTC said in a statement during this process.

The IMF and El Salvador: Contrasting Strategies

President Nayib Bukele’s policies, which see Bitcoin as the key to economic development and independence, have been widely criticized by international organizations. The IMF warned of risks to financial stability after El Salvador declared BTC a legal tender in 2021. However, by 2024, the IMF acknowledged that these risks had not yet materialized and called on the government to take measures to increase transparency.

However, the IMF also noted that while the BTC strategy is risky, these policies could create economic opportunities. By facilitating access to financial services, especially for low-income citizens, the Bitcoin policy supports the country’s financial inclusion goals.

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Bitcoin Mining with Volcanic Energy

El Salvador’s policy is not limited to a procurement strategy. The country mines BTC using volcanic energy sources. This innovative method offers an environmentally friendly alternative and reduces mining costs. To date, 463 BTC have been produced using this method. Volcanic energy also allows the country to promote its renewable energy potential globally.

Bitcoin’s New Peak and El Salvador’s Determination

The latest purchases came at a time when the BTC price was highly volatile. El Salvador’s move demonstrates once again that it sees Bitcoin not only as an economic investment, but also as a long-term development strategy.

Under President Bukele’s leadership, the country’s Bitcoin policy presents both risks and opportunities. But the government’s commitment has made El Salvador a pioneer in the cryptocurrency world. This strategy continues to set a global example of how BTC can be used on a national scale.

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Bitcoin Purchases and Current Portfolio Value

On December 29, El Salvador purchased one more Bitcoin, bringing its total holdings to 6,000 BTC. These assets are currently valued at $569.7 million. El Salvador acquired its Bitcoin at an average price of $45,465, resulting in a remarkable 108.84% gain on their investment.

El Salvador began its Bitcoin purchasing journey on September 6, 2021, by acquiring 200 BTC. This move came shortly after it became the first country to declare Bitcoin as an official legal tender. As of today, El Salvador ranks as the sixth nation with the largest Bitcoin holdings among sovereign states.

Tensions with the IMF and New Acquisitions

The Bukele administration continued to increase its Bitcoin investments following a $1.4 billion agreement with the International Monetary Fund (IMF). After the agreement, El Salvador purchased Bitcoin worth $1 million. Despite criticism from the IMF over its Bitcoin strategy, the government has refused to backtrack on its policy.

Approval of the agreement by the IMF will conclude four years of negotiations. However, Bukele’s Bitcoin policies remain a point of contention for the IMF, which argues that they increase the country’s financial risks.

El Salvador’s actions serve as a case study for the national adoption of Bitcoin and are reshaping the role of cryptocurrency in global treasury strategies.

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In an interview with TIME, El Salvador’s President Nayib Bukele discussed the complex outcomes that have emerged from the country’s bold experiment of recognizing Bitcoin as legal tender.

“Bitcoin hasn’t achieved the widespread acceptance we anticipated. However, many Salvadorans are using it, and most major businesses in the country now hold this cryptocurrency,” Bukele stated.

While acknowledging that Bitcoin hasn’t been embraced as widely across the nation as hoped, Bukele emphasized that the adoption has always been voluntary, with no one being forced to use it:

“We offered Bitcoin as an option, and those who chose to adopt it have benefited from its price appreciation.”

The Bitcoin Law, passed on September 7, 2021, during the peak of the last bull market, made El Salvador the first country to accept Bitcoin as an alternative legal currency. The initiative aimed to drive the digital transformation of the economy and reduce the country’s reliance on the U.S. dollar, its most circulated currency.

Initially, the government spent $75 million to distribute approximately $30 worth of Bitcoin to individuals who registered with the state-backed Chivo wallet.

Additionally, the country has added Bitcoin as a long-term treasury asset and plans to build a national Bitcoin mining facility powered by volcanic energy.

Bukele noted that those holding Bitcoin have seen significant returns as the cryptocurrency’s price approaches its previous highs. “Thank God people have reaped these gains. Those who chose not to use Bitcoin, however, missed out on these profits,” he concluded.

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Speaking with Cointelegraph at the Bitcoin 2024 conference in Nashville on July 27, Martinez said some people who have been excluded from conventional banking systems may be looking at El Salvador due to some of the country’s laws on Bitcoin.

The co-founder of Bitcoin Beach claims that by endorsing legislation allowing Bitcoin as legal cash in 2021, El Salvador President Nayib Bukele may have opened the floodgates to other nations.

“Many families and people are seeing El Salvador as their backup,” Martinez said. “They’re buying properties; there are a lot of Bitcoiners; they’re moving to El Salvador to live there; and they want to raise their kids there.”

Martinez said he had heard of people based in Europe, the United States, and Canada finding El Salvador a more reasonably priced place to raise a family and buy a house “living in a Bitcoin standard.” President Bukele announced in April an effort to provide 5,000 foreign workers with a road to citizenship.

Of the 6.5 million residents of El Salvador, about 95,000 were noncitizens or immigrants; 58% of these were from Nicaragua, Honduras, or Guatemala. That would leave, from other nations, including the US, around 55,000.

Having first taken office in 2019 and been reelected in 2024, Bukele has positioned himself as the “world’s coolest dictator” and helped pro-crypto laws advance in a legislative body run under his political party. Critics have claimed Bukele instituted autocratic policies while serving as president, having the police harass those critical of his government.

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