- Currently, the El Salvador government has 6,055 BTC worth over $612 million.
- The country made a $1.4 billion deal with the IMF as part of the deal they have to make BTC payments optional.
El Salvador making waves in the crypto market purchasing two additional Bitcoins in a single day. According to its Bitcoin strategic reserve initiative, the country buys one BTC per day but recently the country has increased its acquisition rate.
Recently, the country revoked Bitcoin’s legal tender status due to International Monetary Fund (IMF) Pressure. This news gathered immense criticism from the crypto community. Currently, the El Salvador government has 6,055 BTC worth over $612 million and acquired over fifty Bitcoins last month.
Bitcoin Is No More a Legal Currency in El Salvador
El Salvador was the first nation to adopt Bitcoin as a legal tender and now also became the first to revoke its status as legal currency. This decision comes after two years of consistent pressure from the International Monetary Fund (IMF).
The country made a $1.4 billion deal with the IMF as part of the deal they have to make BTC payments optional, reduce their involvement in the crypto space, and make the Chivo wallet private.
The nation purchased over eleven bitcoins at $1 million just one day after finalizing the IMF deal. Stacy Herbert, the director of El Salvador’s National Bitcoin Office, recently stated that EL Salvador will increase its BTC acquiring speed.
She said:
“As I said above, El Salvador is still stacking Bitcoin into its Strategic Bitcoin Reserve. And this is just the beginning. We have a lot in store for 2025.”
The National Bitcoin Office purchased 12 BTC on January 19. The act was praised by Bitcoin supporters and also grabbed the attention of crypto experts and firms. By all this El Salvador signifies that they will continuously dominate the Bitcoin adoption race and contribute to the innovative journey of the crypto space.
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