El Salvador’s total Bitcoin stockpile has grown again and now stands at 6,068 Bitcoin, currently worth over $554 million
El Salvador has again stocked up its growing Bitcoin reserve, buying 12 Bitcoin in the last day amid a dip in the crypto markets.
The country bought 11 Bitcoin
BTC $97,643 on Feb. 4 for just over $1.1 million, an average price of $101,816 per Bitcoin. It later purchased an additional 1 BTC for $99,114, according to the government’s Bitcoin Office tracker.
It brings the Central American country’s holdings to a total of 6,068 BTC, valued at over $554 million.
“El Salvador has stacked 21 BTC this week!” the Bitcoin Office said in a Feb. 4 X post, which also showed the country had purchased 60 BTC over the past 30 days.
“The first Strategic Bitcoin Reserve in the world keeps growing and so El Salvador keeps winning,” it added.
Bitcoin fell to a 24-hour low of around $96,000 but has since rebounded to around $98,000. It is still down from its intraday high of over $100,700, CoinGecko data shows.
The extra Bitcoin buys comes after El Salvador’s President Nayib Bukele struck a $1.4 billion financing agreement with the International Monetary Fund last month, where he agreed his government would step back from some of its Bitcoin activities.
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.
Reuters reported on Jan. 29 that El Salvador’s Congress swiftly approved legislation to amend its Bitcoin laws to comply with the IMF deal, which Bukele had sent just minutes earlier.
El Salvador’s government has continued to buy Bitcoin despite the deal. The day after it made an agreement with the IMF, the country bought $1 million worth of Bitcoin.
National Bitcoin Office Director Stacy Herbert took to X in late December to say that the country’s Bitcoin plans had not changed.
A Bitcoin Office spokesperson also previously told Cointelegraph that the country intends to keep buying Bitcoin, with plans to “intensify in 2025.”
Source: Cointelegraph
Recent Comments