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.

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Just 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.

Alexander Stefanov