El Salvador has increased its Bitcoin reserves, purchasing an additional 1 BTC and bringing its total holdings to 6,101.18 BTC, valued at approximately $527 million.
This latest acquisition reinforces President Nayib Bukeleâs ommitment to strengthening the countryâs Bitcoin strategy. El Salvadorâs National Bitcoin Office confirmed the purchase on March 4 in a post on X.
This move aligns with El Salvadorâs â1 BTC a dayâ accumulation strategy, aimed at economic diversification and serving as a hedge against traditional financial systems. The purchase also signals the governmentâs continued confidence in Bitcoin (BTC), despite recent market volatility.
âItâs not stopping,â President Bukele commented on X following the acquisition.
El Salvadorâs bitcoin strategy amid IMF deal
This latest purchase of Bitcoin comes as El Salvador adjusts its Bitcoin policies to align with a $1.4 billion loan agreement with the International Monetary Fund. Recently, the country modified its Bitcoin law, making the cryptocurrencyâs use voluntary rather than mandatory. The adjustment was part of efforts to secure IMF support and maintain fiscal stability in the eyes of international lenders.
Despite the policy changes, El Salvador continues to bolster its Bitcoin reserves as a key part of its long-term economic strategy. As of March 4, the country has added 46 BTC in the past 30 days, worth approximately $3.97 million, data from the National Bitcoin Office chart shows. This underscores El Salvadorâs belief in the potential of Bitcoin to become a store of value and a driver of economic growth.
The countryâs Bitcoin City project, which won global recognition in 2023, is aimed at creating a hub for cryptocurrency innovation and continues to implement measures to make the country more Bitcoin-friendly.
