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El Salvador's central bank buys $50 million of gold as government keeps adding bitcoin

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What to know:

  • El Salvador's central bank added $50 million of gold to its reserves on Thursday.
  • The country also made its usual purchase of 1 bitcoin, bringing the government’s holdings to 7,547 coins, worth $635 million.

The central bank of El Salvador, the tiny bitcoin-friendly nation in Central America, added $50 million worth of gold to its reserves, the institution said Thursday in an X post.

The purchase — 9,298 troy ounces — brings the country's total gold holdings to 67,403 ounces, valued at roughly $360 million at current prices

President Nayib Bukele reposted the announcement, writing, "We just bought the other dip." Whether Bukele was applauding the gold buy or cheekily announcing the government's own bitcoin buy wasn't clear. Arkham data did show the country adding one bitcoin to its holdings on Thursday, in line with Bukele's ongoing pledge for his government to buy one bitcoin per day.

The country's stack, according to Arkham, now stands at 7,547 bitcoin worth $635 million at bitcoin's currently depressed price just above $84,000.

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