El Salvador has added another 150 bitcoins to its national treasury, President Nayib Bukele announced early Monday, bringing the country’s total holdings to 700 BTC. The purchase was made as Bitcoin’s price dipped near $45,000, with Bukele tweeting: “We just bought the dip. 150 new coins! El Salvador now holds 700 coins.” He added: “They can never beat you if you buy the dips … Presidential advice.”
Bitcoin Law in Effect, Treasury Accumulation Accelerates
El Salvador’s landmark Bitcoin Law took effect on September 7, making the cryptocurrency legal tender alongside the U.S. dollar. The government had begun accumulating bitcoin a day earlier, and on September 7, Bukele announced a total of 550 BTC had been acquired. With the new purchase, the country now holds 700 bitcoins, worth approximately $30 million at current prices.
At the time of the announcement, Bitcoin was trading around $45,000 but has since slipped to $43,326, according to Bitcoin.com Markets. The dip-buying strategy aligns with Bukele’s repeated calls for long-term accumulation despite volatility.
Chivo Wallet Surpasses 1.1 Million Users
The government’s official Bitcoin wallet, Chivo, experienced a rocky launch with technical glitches but was declared “100% working” by Bukele on September 16. By September 17, the president reported that 1.1 million Salvadorans had already downloaded and used the app, noting that “we haven’t enabled 65% of phone models yet.” He compared the pace of adoption favorably to decades of traditional banking efforts: “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.”
If Chivo gains widespread adoption, major remittance providers like MoneyGram and Western Union could lose up to $400 million annually, as Salvadorans shift to low-cost bitcoin transfers. The country receives roughly $6 billion in remittances each year, making efficient cross-border payments a key use case.
Crypto ATM Count Ranks Third Globally
According to Coinatmradar.com, El Salvador now has 205 cryptocurrency ATM locations, placing it third globally behind only the United States and Canada. However, the Salvadoran Court of Accounts is reportedly planning to investigate the government’s bitcoin ATM purchases and construction of Chivo kiosks, raising questions about transparency.
The Bitcoin experiment continues to draw both praise and criticism. Supporters highlight financial inclusion for the unbanked population (estimated at 70% of adults), while skeptics point to price volatility and potential IMF pushback. Regardless, Bukele’s government shows no signs of slowing down its bitcoin accumulation strategy. With 700 BTC already in the treasury and a rapidly growing user base for Chivo, El Salvador remains the global testbed for bitcoin as legal tender.