El Salvador acquired 13 Bitcoin (BTC) since March 1, despite Worldwide Financial Fund (IMF) strain on the nation’s public sector to cease accumulating the decentralized retailer of worth asset.
In keeping with the El Salvador Bitcoin Workplace, the nation’s Bitcoin treasury holds a complete of over 6,105 BTC, valued at greater than $527 million at present costs.
The Central American nation usually acquires BTC at a gradual tempo of 1 coin each 24 hours. Nonetheless, on March 3, El Salvador bought 5 BTC in a single day.
El Salvador struck a deal with the IMF in December 2024 for a $1.4 billion mortgage from the group. As a part of that deal, the federal government of El Salvador agreed to rescind the standing of BTC as authorized tender within the nation and cut back public sector involvement with Bitcoin.
El Salvador Bitcoin holdings. Supply: El Salvador Bitcoin Office
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El Salvador continues stacking despite IMF strain
El Salvador’s Congress amended its Bitcoin laws in January 2025 to adjust to the IMF mortgage settlement. Lawmakers repealed the earlier model of the regulation in a 55-2 vote.
Despite the repeal, the federal government continued stacking Bitcoin, purchasing two BTC in a single day on Feb. 1 and persevering with its day by day accumulation of the digital foreign money.
On March 3, the IMF issued a brand new request pressuring El Salvador to stop accumulating BTC and stipulated that the nation couldn’t concern debt or tokenized securities tied to Bitcoin.
President Nayib Bukele responded to the IMF strain and stated that El Salvador will continue buying BTC — characterizing the IMF’s continued strain as “whining.”
Supply: Nayib Bukele
“If it didn’t cease when the world ostracized us and most ‘bitcoiners’ deserted us, it received’t cease now, and it received’t cease sooner or later,” Bukele emphatically said.
The federal government of El Salvador’s unapologetic pro-Bitcoin stance prompted a number of main crypto companies to announce that they’re relocating to the Central American nation.
On Jan. 7, Bitfinex Derivatives introduced it was relocating from Seychelles to El Salvador. Stablecoin issuer Tether adopted swimsuit on Jan. 13 by asserting it was moving its headquarters to El Salvador.
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