El Salvador Expands Bitcoin Reserves, Holdings Reach $554M
El Salvador has once again expanded its Bitcoin holdings, taking advantage of a market dip to acquire more of the cryptocurrency.
Over the past day, the country purchased 12 BTC , bringing its total reserves to 6,068 BTC, now valued at over $554 million. The Bitcoin Office, which tracks the government’s acquisitions, revealed that 11 BTC were bought at an average price of $101,816, followed by another purchase at $99,114.
Despite recent regulatory adjustments under an International Monetary Fund (IMF) agreement, El Salvador continues to buy Bitcoin. The Bitcoin Office announced that the country had accumulated 21 BTC this week alone and 60 BTC in the past month, emphasizing its long-term commitment to the asset. Officials have reiterated that the government’s Bitcoin strategy remains unchanged and that purchases will continue, with plans to accelerate acquisitions in 2025.
Meanwhile, Bitcoin’s price briefly dropped to $96,000 before rebounding to around $98,000. The latest investment follows President Nayib Bukele’s recent agreement with the IMF, which required El Salvador to adjust its Bitcoin policies. As part of the deal, businesses were no longer mandated to accept BTC, and the government reduced its involvement in the state-backed Chivo wallet.
READ MORE:
Whale Activity Surge Highlights Altcoins Gaining Momentum This WeekJust a day after securing the IMF agreement, El Salvador added another $1 million worth of Bitcoin to its reserves, signaling that its approach to BTC accumulation remains intact. The government’s continued buying activity underscores its belief in Bitcoin’s future, despite external pressure to limit its role in national financial policies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Is Ethereum’s Stagnant Mean Coin Age a Cause for Investor Concern?
Analyzing the Potential Bullish Indications Amidst Stalled Mean Coin Age in the Ethereum Ecosystem
Bitwise Says "Key to ETFs Will Be New SEC Chair", Says Surprise Altcoin Could Get Approval Easier Than Solana and XRP
Bitwise Chief Compliance Officer (CCO) Katherine Dowling said that the Dogecoin ETF has an advantage over Solana and XRP.
Partnership Offer from Surprise Altcoin to Elon Musk!
Hedera (HBAR) has announced that it wants to integrate its blockchain with DOGE.
Important Statements About Interest Rates Came From Senior FED Governor Barkin! "Are Interest Rate Cuts Over or Will They Continue?"
Richmond Fed President Thomas Barkin said the Fed is still leaning toward lowering interest rates this year.