El Salvador continues its bitcoin accumulation strategy despite its recent commitments to the International Monetary Fund (IMF). The country purchased an additional 12 bitcoins a few days ago, bringing its total reserves to 6,044 BTC, valued at over $617 million against a backdrop of historically high prices.
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El Salvador adds 12 new bitcoins to its treasury
El Salvador persists in its bitcoin policy. The National Bitcoin Office strengthened its reserves on January 20, with the strategic acquisition of 12 bitcoins. An initial investment of 11 bitcoins, valued at $101,617 each, was quickly supplemented by the purchase of an additional bitcoin at $106,000. In total, this operation represented a financial commitment of over one million dollars.
The timing of this initiative is particularly remarkable. It comes just a few weeks after the signing of a $1.4 billion agreement with the International Monetary Fund, in which El Salvador pledged to moderate its bitcoin investment policy.
This decision demonstrates that the government of Nayib Bukele will maintain its crypto-favorable course, even if it means offending its international partners. Stacy Herbert, Director of the National Bitcoin Office confirmed that the country’s bitcoin ambitions remain significant, despite the compromises agreed with the IMF.
Promising results but mixed local adoption
El Salvador’s bitcoin investments are proving particularly profitable in the current market environment. According to the official tracker portfolio, the country is recording a profit of $179 million on its positions, validating its investment strategy launched in September 2021, when the country became a pioneer in making bitcoin a legal tender.
However, this financial success contrasts with everyday reality. A survey reveals that 92% of Salvadorans still do not use bitcoin in their day-to-day transactions, up from 88% the previous year.
El Salvador’s approach to bitcoin is nonetheless inspiring other nations. Bhutan, in particular, has quietly built up a portfolio of digital assets valued at $780 million, according to analysis by Arkham Intelligence.
El Salvador’s persistence in its bitcoin strategy, despite the constraints of the IMF agreement, demonstrates the Bukele government’s deep conviction in the long-term potential of digital assets. This forward position could continue to influence other nations in their approach about a national reserve made of BTC.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
