El Salvador has paused its daily Bitcoin purchase strategy, with the last transaction recorded on February 17, according to data from Arkham Intelligence. This pause follows the country's new agreement with the International Monetary Fund.
Halt on Daily Purchases
Since November 2022, the daily strategy involved buying one Bitcoin each day. However, amid the recent $1.4 billion agreement with the IMF, El Salvador has temporarily halted this strategy. The country currently holds a reserve of over 6,000 BTC.
Transition to Cold Wallet
In March, President Nayib Bukele moved approximately 5,600 BTC to a cold wallet, calling it El Salvador's first 'Bitcoin piggy bank.' This action publicly revealed the country's Bitcoin wallet address for the first time.
US Government's Interest in Cryptocurrencies
While El Salvador adjusts its strategy, other governments are also exploring cryptocurrencies. Utah's legislature is advancing a bill allowing up to 5% of public reserves to be invested in digital assets, including Bitcoin. This move places Utah at the forefront of U.S. states looking to include cryptocurrency in their financial portfolios.
El Salvador continues to balance its Bitcoin investment strategy with traditional financial agreements with the IMF. Meanwhile, states like Utah demonstrate growing government interest in cryptocurrencies.
