El Salvador recently purchased 11 Bitcoin, signaling its commitment to digital currencies despite an agreement with the IMF.
El Salvador's Latest Bitcoin Purchase
Reports indicate that El Salvador recently purchased 11 Bitcoin tokens, costing the country around $1 million. The price per BTC remains at approximately $93,347.36. This purchase has increased the country's Bitcoin reserves to 6,022 tokens, valued at approximately $572 million.
A Consistent Bitcoin Buying Strategy
Since the beginning of 2024, El Salvador has consistently increased its Bitcoin reserves. In February 2024, the country's reserves stood at 2,381 BTC. By March, this number had risen to 5,689.7 BTC. At the end of 2022, El Salvador held about 6,002 BTC, and currently, it holds 6,022 BTC.
El Salvador's Agreement with IMF: Bitcoin’s Role
El Salvador's economy is facing challenges, prompting the country to seek a $1.4 billion loan from the IMF for stabilization. The country also considers approaching the World Bank and other institutions for help. However, the IMF has set conditions that may complicate crypto use: voluntary Bitcoin use by the private sector, closure of the state-backed Chivo wallet, and reduction of public sector engagement in Bitcoin-related activities.
Despite external pressures, El Salvador continues to bolster its Bitcoin reserves, underscoring its commitment to cryptocurrency.
