El Salvador adds 12 more Bitcoin to its reserves despite the IMF agreement.
El Salvador’s Bitcoin reserve now totals 6,044 BTC, valued at over $617 million, after the country acquired an additional 12 Bitcoin in recent days. This purchase comes despite a prior agreement with the International Monetary Fund (IMF) to scale back certain crypto policies.
On Jan. 19, El Salvador’s National Bitcoin Office announced via an X post that it had acquired 11 BTC worth over $1 million for its Strategic Bitcoin Reserve. The following day, another Bitcoin was purchased for $106,000.
According to the National Bitcoin Office’s portfolio tracker, El Salvador’s holdings currently stand at 6,044 BTC, valued at approximately $610 million, with Bitcoin trading near $101,000 based on CoinGecko data. The cryptocurrency briefly hit a new all-time high of $109,000 on Jan. 20, surpassing its previous record of $108,000 from Dec. 17.
This surge occurred just hours before Donald Trump’s inauguration as the 47th President of the United States.
Despite agreeing to a $1.4 billion financing deal with the IMF last month—which included commitments to reduce Bitcoin-related activities—President Nayib Bukele’s administration purchased $1 million worth of Bitcoin the following day. As part of the IMF agreement, El Salvador made Bitcoin acceptance voluntary for the private sector and reduced the government’s involvement with the Chivo crypto wallet.
National Bitcoin Office Director Stacy Herbert emphasized that the country’s Bitcoin strategy remains unchanged.
El Salvador became the first nation to adopt Bitcoin as legal tender in September 2021 through its Bitcoin Law. As of Jan. 20, the country’s Bitcoin holdings reportedly generated a $179 million profit. However, surveys indicate low adoption among Salvadorans, with 92% reporting they don’t use Bitcoin for transactions in October 2024—up from 88% in 2023.
El Salvador isn’t alone in its Bitcoin endeavors. Bhutan, a South Asian nation, has been discreetly mining Bitcoin for years. In September, blockchain analytics firm Arkham Intelligence disclosed that Bhutan holds approximately $780 million in digital assets.
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