El Salvador buys 12 more Bitcoin despite IMF deal

El Salvador increased its cryptocurrency reserves by 12 Bitcoin, showing no hesitation despite the country’s deal with the IMF.

After purchasing 12 Bitcoin, El Salvador’s reserves grew to 6,044 BTC, worth over $617 million.

Although the country had earlier agreed with the IMF to curtail some crypto initiatives, El Salvador recently bought 12 Bitcoin to boost its reserves.

El Salvador’s National Bitcoin Office disclosed in a Jan. 19 X post that the country added 11 Bitcoin to its Strategic Reserve for over $1 million, alongside purchasing 1 Bitcoin on Jan. 20 for $106,000.

On Jan. 20, Bitcoin reached a temporary high of over $109,000, surpassing its former record of $108,000 from Dec. 17.

Before Trump was sworn in as the 47th US president at 4:00 pm UTC, Bitcoin achieved a new all-time high.

President Nayib Bukele’s government secured $1.4 billion in funding from the IMF last month, agreeing to curtail some of its Bitcoin operations as part of the terms.

The changes included making Bitcoin acceptance voluntary for private entities and phasing out the government’s role in the Chivo wallet.

El Salvador bought $1 million worth of Bitcoin a day after the agreement, with Stacy Herbert, head of the National Bitcoin Office, confirming in an X post that the country’s Bitcoin goals remained unaffected.

After the announcement of the Bitcoin law, El Salvador became the first country ever to make Bitcoin legal tender in September 2021.

As of January 20, the Nayib Bukele portfolio tracker indicated that El Salvador’s Bitcoin holdings had generated a profit of $179 million.

An October survey showed that 92% of Salvadorans avoid using Bitcoin for transactions, up from 88% in a 2023 survey.

El Salvador is actively increasing its Bitcoin reserves. Meanwhile, Bhutan has been quietly mining Bitcoin for years in the South Asian region.

Arkham Intelligence’s findings in September revealed that Bhutan’s digital asset portfolio was approximately $780 million.