- El
Salvador has added 12 BTC to its reserves, bringing its total holdings to 6,068
BTC.
- The
country continues to acquire Bitcoin despite policy adjustments tied to a $1.4
billion IMF agreement.
El Salvador remains steadfast in its
commitment to Bitcoin, even as it modifies certain policies to align with its
agreement with the International Monetary Fund (IMF). On February 4, the nation
purchased 12 additional Bitcoins, increasing its total reserves to 6,068 BTC,
valued at approximately $554 million. The government acquired 11 BTC at an
average price of $101,816 per coin, followed by another purchase at
$99,114.
This move is part of a broader trend of
consistent Bitcoin accumulation by El Salvador. Over the past week, the country
added 21 BTC to its reserves, with a total of 60 BTC acquired in the last 30
days. These purchases underscore El Salvador’s ambition to establish the
world’s first Strategic Bitcoin Reserve, showcasing its unwavering dedication
to the cryptocurrency.
Policy Adjustments and IMF Agreement
In January, President Nayib Bukele secured
a $1.4 billion financing deal with the IMF. As part of the agreement, El
Salvador agreed to revise some of its Bitcoin-related policies. Notably, the
government made Bitcoin adoption optional for private businesses and scaled
back its involvement in the Chivo crypto wallet.
On January 29, El Salvador’s Congress
swiftly passed legislation to amend its Bitcoin laws, addressing the IMF’s
concerns. Despite these changes, the country’s long-term Bitcoin strategy
remains intact. Stacy Herbert, Director of the National Bitcoin Office,
reaffirmed this commitment, emphasizing that the nation’s vision for Bitcoin
remains unchanged.
El Salvador’s pro-crypto stance has also
attracted global attention. Tether, a leading stablecoin issuer, recently
relocated its headquarters to the country, citing its favorable regulatory
environment. Additionally, President Bukele has encouraged Rumble CEO Chris
Pavlovski to consider moving operations to El Salvador.
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