{"id":52388,"date":"2025-01-27T01:15:00","date_gmt":"2025-01-27T01:15:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/el-salvador-adds-11-more-bitcoin-to-reserve-after-imf-deal"},"modified":"2025-01-27T03:57:05","modified_gmt":"2025-01-27T03:57:05","slug":"el-salvador-buys-another-12-bitcoin-for-countrys-reserve-despite-imf-deal","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52388","title":{"rendered":"El Salvador buys another 12 Bitcoin for country\u2019s reserve despite IMF deal"},"content":{"rendered":"

El Salvador has bought 12 Bitcoin for its reserve in the past days, despite an earlier deal with the International Monetary Fund to dial back some of the country\u2019s crypto policies.<\/p>\n

In a Jan. 19 X post, the country\u2019s National Bitcoin Office said it bought another 11 Bitcoin (BTC) for its Strategic Bitcoin Reserve worth over $1 million. It also purchased 1 Bitcoin on Jan. 20 for $106,000.<\/p>\n

The Bitcoin Office\u2019s portfolio tracker shows El Salvador\u2019s holdings stand at 6,044 BTC, worth nearly $610 million with the cryptocurrency trading at around $101,000, according to CoinGecko.<\/p>\n

\"El
El Salvador\u2019s total stash is now 6,044 Bitcoin, worth over $617 million. Source: <\/em>El Salvador National Bitcoin Office<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin briefly surged above $109,000 on Jan. 20, breaking its previous all-time high of $108,000, which it hit on Dec. 17.<\/p>\n

Bitcoin\u2019s new high came hours before Trump was sworn in as the 47th US president at 4:00 pm UTC.<\/p>\n

President Nayib Bukele\u2019s government struck a $1.4 billion financing agreement with the IMF last month in which it agreed to wind down some of its Bitcoin activities as part of the deal.<\/p>\n

Some of the changes made by the country included making private sector acceptance of Bitcoin voluntary and unwinding government involvement in the Chivo crypto wallet.<\/p>\n

However, the day after making that deal, El Salvador bought $1 million worth of Bitcoin. National Bitcoin Office Director Stacy Herbert said in an X post that the country\u2019s Bitcoin plans had not changed.<\/p>\n

In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, following the announcement of the Bitcoin law.<\/p>\n

Related: <\/strong><\/em>Pro-Bitcoin presidents unite \u2014 Trump, Milei, and Bukele spark crypto optimism<\/strong><\/em><\/p>\n

According to the Nayib Bukele portfolio tracker, El Salvador\u2019s Bitcoin stockpile had a profit of $179 million as of Jan. 20.<\/p>\n

\"El
EEl Salvador\u2019s stockpile has a current profit of $179 million, thanks to the explosion in value of Bitcoin. Source: <\/em>Nayib Bukele portfolio tracker<\/em><\/p>\n<\/figcaption><\/figure>\n

An October survey of Salvadorans found that 92% don\u2019t make transactions using Bitcoin, an increase from a 2023 survey that found 88% didn\u2019t use crypto for transactions.<\/p>\n

El Salvador isn\u2019t the only country that has made serious moves to accumulate more Bitcoin.<\/p>\n

The South Asian country of Bhutan has been quietly mining Bitcoin for years.<\/p>\n

In September, blockchain analytics firm Arkham Intelligence revealed that Bhutan held about $780 million in digital assets.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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