He noted that El Salvador's strategic bitcoin reserves are growing, and the country's authorities intend to take advantage of favorable market conditions to purchase the first cryptocurrency and avoid speculating on the asset in pursuit of quick profits.

Stacy Herbert, director of the El Salvador Bitcoin Office, added that the government is purchasing bitcoin daily to expand citizens' financial opportunities and reduce their dependence on banks and the US dollar.

The purchase of 1,098 BTC occurred amid a market decline and was the largest in a year, as the Salvadoran government's Bitcoin purchases have traditionally not exceeded 21 BTC per month.

As of November 18, El Salvador holds one of the largest public BTC reserves in the world, with a balance of 7,474.37 BTC ($688 million), which has already generated over $264 million in unrealized profits for the country.

Earlier, the President of El Salvador stated that the country would continue accumulating BTC despite pressure from the International Monetary Fund (IMF).