El Salvador Ignoring IMF Agreement Purchases Additional 12 Bitcoins, Totaling 6,044 with a Profit of $180 Million Achieved
Despite reaching a loan agreement with the International Monetary Fund (IMF), El Salvador continues to ignore some of the restrictive policies and acquired a total of 12 bitcoins (BTC) over the two days of January 19 and January 20, further expanding its bitcoin reserves.
Ignoring the agreement and continuing to buy bitcoin, total amount reaches 6,044
According to the official Twitter account of El Salvador’s National Bitcoin Office, 11 bitcoins (BTC) were purchased on January 19, followed by the acquisition of 1 bitcoin the next day, totaling over 1 million USD spent. Currently, El Salvador holds approximately 6,044 bitcoins (BTC), with a total value of about 610 million USD.
IMF agreement adjusts bitcoin acquisition policy
El Salvador reached a loan agreement with the IMF for 1.4 billion USD last December, one of the conditions being the reduction of certain bitcoin (BTC) acquisition policies. Although an agreement has been made with the IMF, El Salvador proceeded to purchase nearly 1 million USD worth of bitcoins (BTC) the day after signing the agreement. The director of the National Bitcoin Office, Stacy Herbert, also stated that El Salvador’s bitcoin acquisition plan has not been affected.
Director of the National Bitcoin Office, Stacy Herbert, stated on Twitter that the bitcoin acquisition plan is unaffected.
Effectiveness of bitcoin as a reserve asset for the country
El Salvador became the first country in the world to adopt bitcoin as legal tender in September 2021. Data shows that as of January 20, El Salvador’s bitcoin reserves have realized nearly 180 million USD in profits.
El Salvador relies on bitcoin to earn 180 million USD in profits.
However, according to a survey conducted in October 2024, 92% of the Salvadoran people have not used bitcoin for transactions, an increase compared to 88% in 2023.
Bitcoin usage rate among Salvadorans remains low.
(Just reached an agreement with the IMF, El Salvador turns around and increases its bitcoin purchases.)
Risk Warning
Investing in cryptocurrencies carries high risks, and their prices can be highly volatile; you may lose your entire principal. Please assess the risks carefully.
