El Salvador’s President Nayib Bukele announced early Monday that the government has acquired an additional 150 bitcoins, bringing the nation’s total reserve to 700 coins. The purchase occurred as bitcoin traded around $45,000, marking the country's third public buy-in since its groundbreaking Bitcoin Law took effect on September 7.
Buying the Dip
“We just bought the dip. 150 new coins! El Salvador now holds 700 coins,” Bukele tweeted, adding, “They can never beat you if you buy the dips … Presidential advice.” Following the announcement, bitcoin’s price slipped to approximately $43,326, according to data from Bitcoin.com Markets.
El Salvador began accumulating bitcoin on September 6, one day before the law went into effect, with an initial purchase that brought holdings to 550 BTC. The latest acquisition underscores President Bukele’s commitment to using the cryptocurrency as a national reserve asset and legal tender alongside the U.S. dollar.
Infrastructure Growth and Chivo Wallet
According to coin ATM tracking site Coinatmradar.com, El Salvador now hosts 205 crypto ATM locations, the third-highest number globally, trailing only the United States and Canada. However, reports indicate that the Salvadoran Court of Accounts is investigating the government’s expenditures on Bitcoin ATMs and Chivo kiosk construction.
The government’s official Bitcoin wallet, Chivo, experienced a rocky launch but has since stabilized. On September 16, Bukele claimed the app is “already working 100%.” He further revealed that 1.1 million Salvadorans are using Chivo, noting that “we haven’t enabled 65% of phone models yet.” “It seems that we will be able to bank more people in 1 month than they did with nationalizations and privatizations of traditional banks in 40 years,” he opined.
Impact on Remittance Market
If Chivo gains widespread adoption, remittance giants like MoneyGram and Western Union could face annual revenue losses of up to $400 million, analysts estimate. Remittances account for roughly 20% of El Salvador’s GDP, and the low-cost Bitcoin wallet offers a compelling alternative. Bukele’s bold experiment continues to draw international attention, with organizations like the International Monetary Fund expressing concerns over financial stability, yet the government shows no signs of slowing its Bitcoin adoption push.