El Salvador just bought another 11 Bitcoin! This brings their total Bitcoin holdings to a whopping 6,044 BTC, worth around $610 million. This bold move comes despite pressure from the International Monetary Fund (IMF).
A Deal with Strings Attached
El Salvador recently secured a $1.4 billion loan from the IMF. But, there were conditions. The country agreed to make Bitcoin acceptance voluntary for businesses, and to scale back its involvement with the Chivo Bitcoin wallet. These concessions seem to have appeased the IMF, but El Salvador isn’t backing down from its Bitcoin strategy.
Unwavering Bitcoin Belief
The government’s Bitcoin office has reaffirmed its commitment to Bitcoin, even hinting at even faster future purchases. They clearly see Bitcoin as a crucial part of El Salvador’s financial future.
The Numbers
The recent 11 BTC purchase, costing over $1 million, was announced on January 19th and 20th. This adds to their existing reserves. At the time of the purchase, Bitcoin’s price was around $101,350, briefly exceeding $109,000 on January 20th.
A Unique Position on the World Stage
For El Salvador, Bitcoin is more than just an investment; it’s a symbol of financial independence. Their continued investment puts them in a unique position globally, showing that traditional finance and crypto can coexist. President Nayib Bukele’s administration has been very outspoken about its belief in Bitcoin’s role in the country’s economy, although this approach remains controversial.
