El Salvador Doubles Down on Bitcoin, Adds $661K Worth Despite IMF Deal

El Salvador has resumed its Bitcoin purchasing strategy, adding 7 Bitcoin worth $661,000 to its reserves, according to Arkham Intelligence data. This move comes after a one-week pause in the country's daily buying strategy, which began in November 2022.

The Central American nation now holds 6,088 Bitcoin, valued at approximately $558 million at current prices. This latest purchase is a sign of El Salvador's continued commitment to Bitcoin, despite earlier speculation that its recent agreement with the International Monetary Fund (IMF) would curtail its Bitcoin strategy.

El Salvador's pause in Bitcoin purchases coincided with its agreement with the IMF for a 40-month Extended Fund Facility deal, expected to attract over $3.5 billion in additional financial support. As part of this agreement, El Salvador agreed to modify its Bitcoin policies, including making Bitcoin acceptance voluntary for private-sector businesses. The country's legislature approved amendments to its Bitcoin law in late January 2025 to align with these requirements.

El Salvador has made several large Bitcoin purchases outside of its daily acquisition strategy. In December, following the IMF financing deal, the country added $1 million worth of Bitcoin to its strategic reserves in a single purchase. On February 4, it acquired 11 Bitcoin valued at over $1 million.

El Salvador's latest purchase demonstrates its commitment to Bitcoin, despite the challenges posed by its IMF agreement. The country's Bitcoin strategy has been a topic of debate, with some praising its innovative approach to financial inclusion, while others express concerns about the volatility and risks associated with cryptocurrencies.