Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
El Salvador Marks Bitcoin Day With Bold 21 BTC Purchase

El Salvador Marks Bitcoin Day With Bold 21 BTC Purchase

CointribuneCointribune2025/09/08 20:42
By:Cointribune

El Salvador marked the fourth anniversary of its Bitcoin Law with a symbolic purchase of 21 BTC, just as analysts warned that September 8 often proves unfavorable for the cryptocurrency.

El Salvador Marks Bitcoin Day With Bold 21 BTC Purchase image 0 El Salvador Marks Bitcoin Day With Bold 21 BTC Purchase image 1

In brief

  • El Salvador bought 21 BTC on Bitcoin Day, raising reserves despite IMF loan restrictions on new purchases.
  • Analysts warn September 8 is historically bearish for Bitcoin, with losses in 72% of past years.
  • MicroStrategy’s Michael Saylor hinted at more BTC buys, reinforcing the firm’s role as a Wall Street proxy.

El Salvador Buys 21 BTC to Commemorate Bitcoin Day

On September 7, President Nayib Bukele announced on X that El Salvador purchased 21 BTC . At current market prices of around $111,175 per coin, the transaction is valued at approximately $2.3 million.

The decision coincided with the anniversary of the country adopting Bitcoin as legal tender in 2021, a move that established El Salvador as the first nation to formally integrate Bitcoin into its economy. The symbolic purchase referred to Bitcoin’s fixed supply of 21 million coins.

The country’s Bitcoin Office also released a statement to mark the occasion. “El Salvador Celebrates Bitcoin Day! The Bitcoin Office is proud to have been building Bitcoin country for three of the four years since El Salvador made Bitcoin legal tender,” the post said.

Despite the public celebration, the purchase drew attention due to the conditions of El Salvador’s $1.4 billion International Monetary Fund loan signed in December 2024. The agreement required the government to stop buying Bitcoin using public funds and limit state-backed crypto services. Yet, Bukele’s announcement suggested continued accumulation of digital assets despite these restrictions.

Market Skepticism and Historical Seasonality Risks

While Bukele reiterated El Salvador’s long-term commitment, analysts cautioned that September 8 has historically been a weak trading day for Bitcoin. Timothy Peterson, author of Metcalfe’s Law as a Model for Bitcoin’s Value, explained the seasonal pattern.

On any given day, Bitcoin closes positive 53% of the time, with an average gain of +0.10%. By contrast, September 8 has been negative 72% of the time, with an average loss of -1.30%. Peterson also pointed out that when September 8 ends in the red, the entire month finishes lower 90% of the time.

This trend led some market watchers to suggest caution despite celebratory events. Reports indicated that over $10 billion in Bitcoin short positions could be at risk of liquidation if the asset climbs toward $117,000. This created tension between long-term bullish positions and short-term trading risks.

MicroStrategy’s Michael Saylor Signals Further Accumulation

The commemoration also coincided with renewed interest from major corporate Bitcoin holders. Michael Saylor, co-founder and executive chairman of MicroStrategy, hinted at fresh purchases. While he did not provide exact numbers, investors interpreted his statement as a sign that the company would expand its already large holdings.

MicroStrategy is known for being the largest corporate Bitcoin holder , with over 636,000 BTC. The company’s debt-driven acquisitions have often attracted both praise and criticism. Hedge fund veteran Fred Krueger commented that MicroStrategy’s approach should not be viewed as a Ponzi scheme, responding to public concerns over its leveraged strategy.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Ex-WhatsApp security chief files suit over privacy failures at Meta

Share link:In this post: A former WhatsApp security chief is suing Meta, claiming he was punished after reporting privacy risks. He says 1,500 engineers had open access to user data and that WhatsApp lacked basic security measures. Meta denies the claims and says he was fired for poor performance, not retaliation.

Cryptopolitan2025/09/09 04:00
Ex-WhatsApp security chief files suit over privacy failures at Meta

Starting a Business in the Consumer Crypto Sector: What No One Tells You

In small and fragmented markets, focus on retention first before discussing growth.

Chaincatcher2025/09/09 03:30
Starting a Business in the Consumer Crypto Sector: What No One Tells You

The pioneer of the stablecoin industry, Do Kwon, is currently seeking to defend his rights in order to recover payment for a house purchase.

Before the UST crash in 2022, Do Kwon had prepaid half of the payment for a 700-square-meter penthouse, but ultimately failed to complete the purchase.

Chaincatcher2025/09/09 03:29
The pioneer of the stablecoin industry, Do Kwon, is currently seeking to defend his rights in order to recover payment for a house purchase.