On November 19, 2025, El Salvador President Nayib Bukele announced the purchase of Bitcoin worth $100 million, boosting the country's holdings by 17% to a total of 7,474.37 BTC valued at $688 million. Bukele shared the update on social media, including an Instagram post with "Hooah!" and a screenshot from the Bitcoin Office dashboard. The buy occurred as Bitcoin dipped below $90,000 for the first time in seven months on November 18, 2025, amid a 30% crash from its 2025 peak and a 27% slide from last month's all-time high of $126,000. Gold has outperformed the cryptocurrency during this downturn.

This move aligns with El Salvador's June 2021 adoption of Bitcoin as legal tender, making it the first nation to do so; the Central African Republic followed nearly a year later, as the only other country with such a policy. Following the 2022 FTX collapse, when Bitcoin traded around $16,700, Bukele pledged to buy one BTC daily, a practice the country has maintained.

The International Monetary Fund (IMF) had urged El Salvador to scale back Bitcoin involvement for a $1.4 billion loan agreement, leading to voluntary acceptance of BTC payments and reduced support for the Chivo digital wallet. Bukele enjoys a 91% approval rating per Morning Consult, contrasting with India's PM Narendra Modi's 71%.

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Bitcoin shares a universal language with math and chess, featuring clear, unchanging rules accessible regardless of one's native tongue. Just as 2 + 2 equals 4 in Kyoto or Kansas, a C major chord resonates identically worldwide, and a chess bishop moves diagonally everywhere, a Bitcoin transaction holds true for all observers, simultaneously and universally.

Bitcoin provides a transparent ledger that anyone can read and verify, eliminating the need for intermediaries like central banks, clearing houses, and interpreters required by fiat currencies. This enables two people anywhere on Earth to engage in direct, verifiable monetary exchanges in a shared "tongue." Unlike fiat systems, which foster distortion and demand blind belief, Bitcoin unites users through objective verification and insists on truth.

Canaan's shares surged nearly 21% on Tuesday, closing at $1.03, with after-hours gains extending to $1.05, following the Bitcoin mining hardware maker's report of third-quarter revenues doubling to $150.5 million, up 104% year-over-year. The increase was fueled by high demand for equipment, with mining hardware sales comprising $118.6 million. Chief Financial Officer James Jin Cheng noted substantial orders from U.S. clients, accounting for 31% of total revenue and signaling a strong North American market recovery.

Other miners also reported robust results: HIVE Digital announced a 285% earnings increase on Monday, while BitFuFu doubled its Q3 revenue, driven by demand for cloud mining and equipment as Bitcoin's price rises. Relatedly, TeraWulf's Q3 revenue grew 87% as Bitcoin nearly doubled over the year. Canaan itself generated $30 million in mining revenue, up 241% year-over-year, mining 267 Bitcoin at an average of $114,485 per coin, and boosting holdings to 1,610 BTC by October's end, despite a $27 million net loss versus $75 million last year. Shares are down nearly 50% year-to-date amid miners pivoting to AI due to rising mining costs and falling Bitcoin prices.

CEO Nangeng Zhang emphasized Bitcoin mining's viability during the AI transition, stating it's the best way to allocate energy and generate immediate revenue rather than waiting one to three years for AI infrastructure.

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Despite naysayers predicting a bear market end, Bitcoin rebounded from a low of $89,000 to $92,500, marking a significant bounce amid a broader market downturn. The S&P 500 fell 500 points, logging its longest slide since August, with Wall Street red like Monday. This decoupling highlights crypto's potential to lead recovery, as Tom Lee and Bitwise CIO noted a bottom likely found, with Bitcoin sliding first before tech and AI sectors. Altcoins like Solana surged nearly 10%, recovering faster than Bitcoin, signaling seller exhaustion after a 30-32% correction similar to April 2024.

Catalysts include Nvidia's earnings announcement tomorrow, expected to counter bubble fears and boost AI/tech if strong. This morning's weak job numbers precede more data Thursday; worse figures could spur massive rate cuts, with the Fed prioritizing jobs over inflation. Polymarket odds for a 50 basis point cut in December are below 50%. Experts like Matt Hogan from Bitwise, Tom Lee, Standard Chartered (predicting selloff over and year-end rally), and Michael Saylor remain bullish on fundamentals, dismissing manipulations. Oversold with high fear levels since April, Bitcoin eyes $96,000 then $100,000.

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First-term House member Brandon Gill, a Texas Republican and staunch supporter of White House crypto policies, has purchased up to $150,000 in shares of BlackRock's Bitcoin ETF.

Bitcoin recently relinquished its gains from the start of the year, reflecting volatility in the cryptocurrency market.

American cryptocurrency exchange Kraken announced an $800 million funding round on Tuesday, secured across two tranches. The primary investment was led by institutional players including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, with additional backing from Kraken Co-CEO Arjun Sethi's family office. A separate $200 million strategic investment came from Ken Griffin’s Citadel.

### Economic Outlook Discussion

In a discussion on future economic trends, the speaker predicts a return to the solid, high, non-inflationary growth seen during President Trump's first term (Trump 1.0). They anticipate strong job growth and what they term "parallel prosperity," where both Main Street and Wall Street thrive simultaneously—a rarity, as Main Street has struggled for a long time.

The speaker addresses interviewer Jesse, emphasizing that Trump 1.0 delivered benefits to everyday Americans (Main Street). However, a counterpoint from "Essence" argues this dual prosperity is impossible; economies inherently produce winners and losers. The question raised is the potential cost of achieving a great year in 2026.

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