El Salvador has increased its Bitcoin (BTC) holdings, purchasing 12 BTC in the past two days, even after agreeing to scale back its crypto policies as part of a financing deal with the International Monetary Fund (IMF). The country now holds 6,044 Bitcoin, valued at over $617 million, according to its National Bitcoin Office.
Recent Bitcoin Purchases
In a January 19 post on X, the National Bitcoin Office announced the acquisition of 11 BTC for $1 million, followed by an additional Bitcoin on January 20 for $106,000. Despite the cryptocurrency trading around $101,000 on CoinGecko, El Salvador continues to buy Bitcoin as part of its Strategic Bitcoin Reserve initiative.
These purchases came just hours before Donald Trump’s inauguration as the 47th U.S. president, a day that saw Bitcoin’s price reach new highs.
Balancing IMF Deal and Bitcoin Ambitions
Last month, El Salvador secured a $1.4 billion financing agreement with the IMF, which required the government to scale back certain Bitcoin-related initiatives. Changes included making Bitcoin acceptance by private businesses voluntary and reducing state involvement in the Chivo crypto wallet program.
However, the day after finalizing the deal, El Salvador bought an additional $1 million worth of Bitcoin. Stacy Herbert, Director of the National Bitcoin Office, reiterated via X that the country’s Bitcoin plans remain unchanged.
Since becoming the first country to adopt Bitcoin as legal tender in September 2021, El Salvador has actively expanded its crypto holdings. Despite criticism and skepticism, its Bitcoin portfolio has a current profit of $179 million, thanks to the cryptocurrency’s price surge.
Bitcoin Usage Among Salvadorans
While the government has embraced Bitcoin, adoption among citizens remains limited. A survey conducted in October 2024 found that 92% of Salvadorans do not use Bitcoin for transactions, an increase from 88% in a similar 2023 survey.
El Salvador is not the only nation betting on Bitcoin. Bhutan has been mining Bitcoin for years and reportedly holds around $780 million in digital assets, according to Arkham Intelligence.
