El Salvador has acquired two additional Bitcoins in a single day following its recent $1.4 billion deal with the International Monetary Fund (IMF). This move underscores the country’s ongoing commitment to expanding its Bitcoin holdings, despite revoking Bitcoin’s legal tender status under IMF pressure. As of now, El Salvador holds 6,055 BTC, valued at over $612 million.
Traditionally, El Salvador has adhered to a strategy of purchasing one Bitcoin daily as part of its strategic reserve initiative. However, recent developments indicate an accelerated acquisition pace. Last month alone, the nation added over fifty Bitcoins to its reserves. The decision to revoke Bitcoin’s legal tender status, made after two years of persistent IMF pressure, sparked significant backlash within the crypto community.
As the first country to adopt Bitcoin as legal tender, El Salvador has now become the first to rescind this status. The IMF agreement requires the nation to make Bitcoin payments optional, decrease its involvement in the cryptocurrency sector, and privatize the Chivo wallet. Despite these changes, El Salvador remains committed to its Bitcoin strategy, purchasing eleven Bitcoins for approximately $1 million just one day after finalizing the IMF deal.
Stacy Herbert, director of El Salvador’s National Bitcoin Office, emphasized the country’s dedication to increasing its Bitcoin acquisitions. She remarked, “El Salvador is still stacking Bitcoin into its Strategic Bitcoin Reserve. And this is just the beginning. We have a lot in store for 2025.” On January 19, the National Bitcoin Office purchased 12 BTC, drawing praise from Bitcoin supporters and capturing the attention of crypto experts and firms alike.
These actions affirm El Salvador’s intention to maintain its leadership role in Bitcoin adoption and continue driving innovation within the crypto space. Even as the country navigates new financial agreements, it remains steadfast in its mission to expand its Bitcoin reserves and influence the global crypto landscape.