Key Takeaways:
- El Salvador just bought 11 Bitcoin, worth over $1 million, right after securing a $1.4 billion loan from the IMF.
- The country remains committed to its Bitcoin strategy, planning to buy more and hold its current reserves.
- El Salvador’s Bitcoin stash now stands at 5,980.77 BTC, worth around $580 million.
El Salvador Makes a Bold Move
El Salvador has done it again. On December 19, 2024, the country purchased 11 Bitcoin worth over $1 million. What’s surprising is the timing. Just one day earlier, El Salvador finalized a $1.4 billion loan deal with the International Monetary Fund (IMF).
Here’s the twist. That IMF deal came with strings attached, including rules limiting Bitcoin-related activities by the government. So, was this a calculated challenge to the IMF? Or simply El Salvador sticking to its long-term Bitcoin vision?
Buying Bitcoin After the IMF Agreement
El Salvador’s National Bitcoin Office shared the news on X (formerly Twitter). They revealed that the country allocated over $1 million to purchase 11 Bitcoin for its Strategic Bitcoin Reserve.
This broke the pattern President Nayib Bukele started in November 2022. Back then, he committed to buying “one Bitcoin a day.”
Quick Overview of El Salvador’s Bitcoin Holdings:
| Details | Figures |
| Total Bitcoin Held | 5,980.77 BTC |
| Total Value | $580 million |
| Purchase Price | ~$97,000 per BTC |
| Latest Purchase | $1 million (11 BTC) |
Stacy Herbert, head of El Salvador’s National Bitcoin Office, confirmed the government’s plans. She hinted that they might buy Bitcoin at a faster pace in the future.
More News: El Salvador Welcomes Bitget: A New Milestone in Crypto
IMF’s Conditions: A Hurdle for Bitcoin?
The $1.4 billion IMF loan, signed on Dec 18, came with restrictions. These included:
- Limiting Bitcoin transactions by the government.
- Making Bitcoin acceptance optional for private businesses.
- Collecting taxes only in U.S. dollars.
- Ending government involvement in the Chivo wallet.
The International Monetary Fund (IMF)
But El Salvador doesn’t seem bothered. A spokesperson from the Bitcoin Office reiterated that the country will keep buying Bitcoin. They also confirmed that no Bitcoin from their re
