El Salvador — the Central American country famous for adopting Bitcoin (BTC) as its legal tender in 2021 — keeps buying more Bitcoin.
According to the El Salvador government’s Bitcoin Office website, the country acquired 11 Bitcoin for just over $1.1 million on Feb. 4. The nation then bought an additional Bitcoin for $99,114.
With those latest additions, El Salvador’s Bitcoin holdings reached 6,068 BTC. At the time of writing, all this Bitcoin is worth over $595 million. El Salvador’s Bitcoin Office wrote in a Feb. 4 X post:
“El Salvador has stacked 21 BTC this week! […] The first Strategic Bitcoin Reserve in the world keeps growing and so El Salvador keeps winning.”
At the time of writing, Bitcoin is trading at just under $98,100, having lost 1.5% of its value over the last 24 hours. Its current value is also 4.15% lower than the price at which it changed hands seven days ago.
The details
El Salvador’s latest Bitcoin acquisitions follow the country’s government promising to the International Monetary Fund (IMF) to limit its exposure to the world’s first cryptocurrency in exchange for a $1.4 billion loan. While many proponents were afraid that the country would stop betting on Bitcoin, but the continued purchases seemingly show otherwise.
The IMF started exercising pressure on El Salvador ever since the country first adopted Bitcoin as its legal tender in 2021. In October 2024, the International Monetary Fund (IMF) urged El Salvador to strengthen its oversight over Bitcoin transactions in the country.
IMF spokesperson Julie Kozack insisted at the time that El Salvador should limit its adoption of Bitcoin and the public sector’s exposure to it. Since then, the nation has mined over 456 BTC by leveraging the geothermal power generated from the Tecapa volcano and currently holds 6,028 BTC worth nearly $600 million.
El Salvador’s economic measures appear to be working well, considering the nation announced a debt-free budget for the current year. The budget not only covered all expenses without issuing new debt but also covered interest on old debt.
