El Salvador Buys 11 Bitcoins Following Deal with IMF

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In a swift move, El Salvador has recently added 11 Bitcoin to its Strategic Bitcoin Reserve, increasing its value to over $1 million. This comes just one day after the country finalized a $1.4 billion deal with the International Monetary Fund.

This purchase breaks away from the country’s previous strategy of acquiring “one Bitcoin per day,” which was introduced by President Nayib Bukele in 2022. With this latest addition, El Salvador’s total Bitcoin holdings now amount to 5,980.77 BTC, which is equivalent to approximately $580 million at the current market price of $97,000 per BTC.

The National Bitcoin Office confirmed the purchase through a post on Dec. 19, with director Stacy Herbert stating that the country plans to continue buying Bitcoin, possibly at an accelerated pace.

This decision comes despite the IMF’s terms, which include limiting government involvement in Bitcoin transactions as a condition for the loan.

Under the agreement, El Salvador has also committed to restricting its Bitcoin purchases, allowing the private sector to adopt the cryptocurrency on a voluntary basis, and designating US dollars as the only official method of tax payment.