El Salvador Boosts Bitcoin Reserves Amidst Market Pullback and IMF Deal

El Salvador, the first country to adopt Bitcoin as legal tender, has continued to accumulate the cryptocurrency, adding another 12 BTC to its national reserve. The Central American nation now holds a total of 6,068 BTC, worth approximately $591 million at current prices.

The latest purchase comes amidst a pullback in the crypto market and follows El Salvador's agreement with the International Monetary Fund (IMF) to secure a $1.4 billion loan. As part of the deal, El Salvador agreed to scale back some of its Bitcoin-related activities, including easing a requirement for local businesses to accept Bitcoin and winding down the state-backed Chivo wallet.

Despite the policy changes, El Salvador has maintained its bullish stance on Bitcoin, continuing to purchase the cryptocurrency. The nation's legislature swiftly passed legislation to amend its Bitcoin laws, complying with the IMF deal. President Nayib Bukele, who championed the bill to make BTC legal tender, previously admitted that the nation's monetary experiment had mixed results, with limited domestic adoption of Bitcoin.

The Bitcoin Office, a government agency responsible for managing El Salvador's Bitcoin reserves, announced the latest purchase on its official Twitter account. The agency stated that the first Strategic Bitcoin Reserve in the world continues to grow, reflecting El Salvador's commitment to the cryptocurrency.

The latest purchase brings El Salvador's total Bitcoin cache to 6,068 BTC, worth around $591 million at current prices. Bitcoin was trading at $97,554 as of press time, according to CoinGecko.