El Salvador Expands Bitcoin Reserves Despite IMF Agreement

El Salvador continues to expand its Bitcoin reserve, recently adding 12 BTC worth over $1 million, despite commitments to reduce crypto activities under a deal with the International Monetary Fund (IMF).

This comes just days after agreeing to limit government involvement in Bitcoin-related projects, including adjustments to the Chivo wallet and easing mandatory Bitcoin use for businesses.

With its total holdings now at 6,044 BTC, valued at approximately $610 million, the country remains firmly invested in Bitcoin, even as its adoption among citizens remains low. A recent survey found that 92% of Salvadorans do not use the cryptocurrency for transactions, an increase from 88% last year.

El Salvador became the first nation to recognize Bitcoin as legal tender in 2021, and its leadership has maintained a bullish stance.

National Bitcoin Office Director Stacy Herbert emphasized that recent purchases reflect the country’s commitment to its Bitcoin strategy, despite external pressures.