On December 19, 2024, El Salvador’s government purchased an additional 11 Bitcoin (BTC), valued at over $1 million, as part of its ongoing strategy to bolster its cryptocurrency reserves.
This acquisition occurred shortly after El Salvador secured a $1.4 billion loan agreement with the International Monetary Fund (IMF). As part of the deal, the country agreed to make Bitcoin acceptance voluntary for businesses, limit public sector involvement in Bitcoin-related activities, and phase out the state-run Chivo wallet.
Despite these stipulations, the Salvadoran government remains committed to its Bitcoin investment strategy. Stacy Herbert, director of the National Bitcoin Office, indicated that the country might continue purchasing Bitcoin, potentially at an accelerated pace, for its Strategic Bitcoin Reserve.
El Salvador’s adoption of Bitcoin as legal tender in 2021 marked a pioneering move in the global financial landscape. The government’s continued investment in Bitcoin, even amid international financial agreements, underscores its dedication to integrating cryptocurrency into its economic framework.
