⚡ El Salvador Adds 11 More Bitcoins to Its Reserves
posted 7 hr ago
El Salvador’s Bitcoin Office has revealed the country’s latest Bitcoin acquisition, adding 11 more coins to its reserves. The purchase, valued at approximately $1,071,422, was made at an average price of $97,402 per coin.
With this addition, El Salvador’s total Bitcoin holdings now stand at 5,980.77 coins, worth over $580 million.
The announcement follows shortly after El Salvador and the International Monetary Fund (IMF) finalized an agreement on a $1.4 billion loan package aimed at supporting the country’s reform agenda. This agreement also includes a total financial package of $3.5 billion, with funding from the World Bank and other institutions.
As part of the deal, El Salvador is required to limit Bitcoin’s use in the country to mitigate risks. This includes voluntary Bitcoin acceptance by the private sector, tax payments only in US dollars, and transaction limitations for the public sector.
El Salvador began purchasing Bitcoin in September 2021, coinciding with its adoption of the cryptocurrency as legal tender. On September 6, 2021, President Nayib Bukele announced the government's first acquisition of 200 Bitcoins.
This initial purchase was part of a broader strategy to integrate Bitcoin into the nation’s economy. As of December 2024, the country's profits from BTC have increased by more than 100%.
In a recent X post, Stacy Herbert, Director of El Salvador’s Bitcoin Office, stated that Bitcoin remains legal tender in El Salvador and that the government will continue purchasing coins, possibly at an accelerated pace, for its Strategic Bitcoin Reserve.
At the time of writing, Bitcoin is trading at around $96,000. The coin fell below its $100,000 threshold after US Federal Reserve Chair Jerome Powell stated that the Treasury cannot legally hold BTC as part of its strategic reserves.
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