El Salvador continues to expand its Bitcoin reserves despite recent policy changes. On February 4, the nation added 12 additional BTC to its holdings, increasing the total reserve to 6,068 BTC, valued at over $554 million.
New Bitcoin Acquisitions
The government of El Salvador purchased 11 bitcoins for approximately $1.1 million, with an average cost of $101,816 per BTC. Later, an additional bitcoin was acquired for $99,114. These purchases reflect a broader trend of continuous Bitcoin accumulation, highlighting the country's commitment to building the first strategic BTC reserve.
El Salvador’s Bitcoin Strategy
Last month, President Nayib Bukele finalized a $1.4 billion financing agreement with the IMF. As part of the deal, El Salvador agreed to modify some of its BTC policies, including making Bitcoin adoption voluntary for the private sector and reducing involvement with the Chivo wallet.
Impact of IMF Agreement
El Salvador's Congress swiftly passed legislation on January 29 to amend its BTC laws following the IMF's concerns. A day after finalizing the IMF agreement, the country acquired $1 million worth of BTC. National Bitcoin Office Director Stacy Herbert emphasized that the nation's long-term Bitcoin strategy remains unchanged.
El Salvador remains committed to its goal of increasing Bitcoin reserves. Despite the necessary policy adjustments regarding Bitcoin adoption, the country continues to actively purchase BTC, maintaining its strategic plans amidst the agreement with the IMF.
