El Salvador added one bitcoin to its national reserve this week, bringing total holdings to 7,762 BTC, valued at approximately $598 million at current prices. The purchase comes despite an IMF agreement requiring the country to halt public-sector bitcoin buying and revoke bitcoin's legal tender status. The government has added over 1,600 BTC since January.
El Salvador added one bitcoin to its national reserve this week, bringing total holdings to 7,762 BTC, according to Bitcoin.com. At a bitcoin price of roughly $77,000, the reserve is valued at about $598 million.
The International Monetary Fund (IMF) had previously required El Salvador to stop public-sector bitcoin purchases under a $1.4 billion financing agreement, and to make merchant acceptance of bitcoin voluntary. Legislative amendments have since removed bitcoin's status as legal tender, but the government has not halted its reserve accumulation policy.
El Salvador became the first country to adopt bitcoin as legal tender in 2021 and has maintained a policy of purchasing one bitcoin daily. Between January and April of this year, the government added more than 1,600 BTC to its reserves.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
