Since November 2022, Salvadoran President Nayib Bukele added daily one Bitcoin to the state's wallet through a savings plan. That came to a sudden end on Feb. 18, following a controversial deal with the International Monetary Fund (IMF).

For a $1.4 billion loan, the Bukele government decided to limit its Bitcoin activities and revoked Bitcoin's status as legal tender - barely three years after its introduction.

Still, El Salvador, which is seen worldwide as a pioneer in national Bitcoin adoption, continues to use BTC as a reserve asset. The country bought its first 200 Bitcoin on Sept. 6, 2021, and still seems to see the crypto currency as a strategic investment.

Yesterday announced the Salvadoran Bitcoin Office announced the purchase of 8 BTC. This happened after Bitcoin's price fell by more than 10%, causing the Bukele government to stick to its well-known strategy: "Buy the Dip".

This purchase brings the total number of BTC held by El Salvador to 6,089, with an estimated value of $525 million. That the long-term strategy is paying off is evidenced by the 85% return in fiat value.

Just a week ago, President Bukele welcomed Michael Saylor, founder of MicroStrategy and an avid Bitcoin advocate. During their meeting, they discussed the global adoption of BTC and the opportunities it presents.

Speculation then arose within the crypto community as to whether MicroStrategy might move its headquarters to El Salvador. Earlier this year, Tether, one of the largest stablecoin issuers, surprisingly announced that the company would relocate to the country.

Not only El Salvador benefited from the lower Bitcoin price. Metaplanet, often called the "Japanese version of MicroStrategy," also made its move. The company bought 135 BTC yesterday for $13 million and now owns a total of 2,225 BTC. The ultimate goal? To own an impressive 21,000 BTC by the end of 2026.