David Edwards
As cryptocurrency prices declined, El Salvador once again increased its Bitcoin holdings, purchasing 12 BTC in a single day.
The nation paid about $1.1 million, or $101,816 per Bitcoin, for 11 Bitcoin on February 4. According to the government’s Bitcoin Office, it soon acquired an extra 1 BTC at $99,114. With this most recent purchase, El Salvador now owns 6,068 BTC, which is worth more than $554 million.
Regular Accumulation Method
In a February 4 X (formerly Twitter) post, the Bitcoin Office emphasized the most recent purchases, pointing out that the country had added 60 BTC in the last 30 days and 21 BTC in the last week.
“The first Strategic Bitcoin Reserve in the world keeps growing, and so El Salvador keeps winning,” the Bitcoin Office stated.
The government has continued to amass Bitcoin in spite of an ongoing agreement with the International Monetary Fund (IMF) that mandates the nation curtail some Bitcoin-related activity.
IMF Agreement and Changes to Bitcoin Policy
President Nayib Bukele pledged to lessen government intervention in the adoption of Bitcoin in January when he signed a $1.4 billion funding deal with the IMF. Important changes included:
- making the private sector’s adoption of Bitcoin optional.
- reducing the level of government involvement in the Chivo wallet initiative.
In order to comply with the IMF deal, El Salvador’s Congress quickly adopted changes to the country’s Bitcoin laws on January 29. These changes in regulation, however, haven’t stopped the nation’s strategy of acquiring Bitcoin. Notably, El Salvador bought $1 million worth of Bitcoin the day after the IMF deal was finalized.
El Salvador is still dedicated to its long-term Bitcoin strategy, even after making changes to its regulations. In December, National Bitcoin Office Director Stacy Herbert reiterated that the nation’s Bitcoin ambitions have not changed. Additionally, a representative told Cointelegraph that El Salvador plans to keep purchasing Bitcoin and even increase its holdings in 2025.
