After reaching a $1.4 billion deal with the International Monetary Fund that imposed restrictions on dealing with cryptocurrency, El Salvador purchased $1 million worth of Bitcoin.
The country’s National Bitcoin Office published a post on December 19 announcing their transfer of over a million dollars worth of Bitcoin to their Strategic Bitcoin Reserve, increasing their total holdings to 5,980.77 BTC.
This purchase broke their previous trend of adding one Bitcoin per day, which President Nayib Bukele had announced in November 2022. The current value of the country’s Bitcoin holdings is approximately $580 million, with BTC trading at around $97,000.
National Bitcoin Office Director Stacy Herbert also stated in the post that El Salvador plans to continue buying Bitcoin, possibly at a faster pace. Additionally, Bukele’s government entered into a financing agreement with the IMF on December 18, which required the country to decrease its Bitcoin transactions in order to receive $1.4 billion from the IMF within the next 40 months.
