El Salvador’s Bitcoin reserves now stand at 6,068 BTC, worth over $554 million.
The country plans to increase Bitcoin purchases in 2025 despite its IMF agreement.
El Salvador appears to be sticking to its now-popular Bitcoin strategy and has “bought the dip” yet again. On Tuesday, February 4, the Central American country took advantage of a declining crypto market and bought 12 Bitcoin BTC$96 88124h volatility:0.8%Market cap:$1.92 TVol. 24h:$26.23 B
over two separate transactions on the day.
Nation Buys 12 More BTC despite IMF Agreement
Per the government’s Bitcoin Office tracker, El Salvador first paid just over $1.1 million for 11 BTC. This means its first buy was at an average price of $101,816 per coin. The country then later added an extra BTC, bought at the price of $99,114.
With its latest buys, El Salvador’s Bitcoin holdings now stand at 6,068 BTC and are worth more than half a billion dollars at current prices.
Meanwhile, the nation’s recent buy comes despite recent agreements with the International Monetary Fund (IMF). In January, El Salvador agreed to a $1.4 billion financing deal with the global agency. That deal stipulated that President Nayib Bukele’s government would have to tone down on some of its Bitcoin-related activities. The country also agreed to make Bitcoin acceptance voluntary for businesses while also making sure that it does not involve itself with the Chivo crypto wallet.
Interestingly, the pact with the IMF has not in any way stopped El Salvador from continuing its Bitcoin acquisitions. While El Salvador’s Congress moved quickly to approve legislation to accommodate the IMF’s dictates, it carried on with its original Bitcoin accumulation plans. In fact, the day after it finalized the deal with the IMF, the government bought another $1 million worth of Bitcoin.
El Salvador’s Bitcoin Strategy Remains Unchanged
For what it’s worth, the country has been explicitly clear about its Bitcoin plans and has never shied away from this stance. National Bitcoin Office Director Stacy Herbert still reiterated this in December, saying that the country will push forward with its Bitcoin strategy. More recently, a spokesperson from the office also revealed plans that the country intends to continue investing in BTC and that those investments may even increase in 2025.
From all indications, El Salvador is sticking by its guns, and its recent transactions prove, beyond any doubt, its commitment to this Bitcoin strategy. According to a recent celebration post by the Bitcoin Office, which was shared via X, the country had acquired 21 BTC in the past week and 60 BTC over the last month. The post reads partly:
“The first Strategic Bitcoin Reserve in the world keeps growing, and so El Salvador keeps winning.”
In the early hours of today, Bitcoin fell to a 24-hour low of around $96,000 but has since rebounded to around $97,878. This means it is still down from its intraday high of over $100,500.
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