El Salvador Boosts Bitcoin Reserves Amid IMF Loan
1min read El Salvador has added 5 Bitcoin to its reserves, taking advantage of a recent price dip that saw the leading cryptocurrency fall to around $83,000. The purchase, valued at approximately $415,000, was made on Monday night ET, according to data from Arkham Intelligence.
The Central American nation's Bitcoin holdings now total 6,100 BTC, with a current value of roughly $510 million. el Salvador has maintained a strategy of purchasing one Bitcoin daily since November 2022, demonstrating its commitment to the cryptocurrency.
Despite the International Monetary Fund's (IMF) recent approval of a $1.4 billion loan on Feb. 27, which included conditions requiring El Salvador to reduce state involvement in crypto activities, the country has continued to buy Bitcoin. El Salvador has made adjustments to comply with IMF requirements, making Bitcoin acceptance voluntary and reducing its involvement in Bitcoin-related initiatives.
The IMF arrangement focuses on improving public finances and governance while managing risks associated with El Salvador's Bitcoin program. Bitcoin traded at approximately $83,700 at press time, showing an 8% decline over the past 24 hours, according to CoinGecko data.
