cryptocurrencies despite governmental changes and market volatility.
El Salvador has strengthened its Bitcoin reserves by purchasing 12 BTC amidst recent market changes. This latest acquisition takes the nation’s total Bitcoin holdings to 6,068 BTC, which are currently worth more than $554 million.
The government’s Bitcoin Office validated the transaction, disclosing that 11 BTC were purchased for slightly more than $1.1 million, with an average price of $101,816 per Bitcoin. Shortly thereafter, an additional 1 BTC was purchased for $99,114, demonstrating El Salvador’s commitment to its Bitcoin investing plan.
“El Salvador has accumulated 21 BTC this week!” the Bitcoin Office stated on social media, adding that the country has added 60 BTC in the previous month. The statement noted that El Salvador’s strategic Bitcoin reserve is growing, putting the country at the forefront of state-backed cryptocurrency usage.
Despite recent regulatory developments resulting from an agreement with the International Monetary Fund (IMF) that prompted changes to the country’s Bitcoin regulations, El Salvador continues to accumulate cryptocurrency. As part of the accord, the government promised to make Bitcoin acceptance optional for businesses and reduce its role in the Chivo wallet effort.
However, these policy changes have not stopped the country’s Bitcoin purchase aspirations. Following the IMF deal, El Salvador immediately purchased an extra $1 million worth of Bitcoin, demonstrating its long-term commitment to the digital asset. Bitcoin Office Director Stacy Herbert stated that the country’s goals remain unchanged, with purchases expected to grow in 2025.
