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- El Salvador plans to increase its total Bitcoin holdings by 20,000 units.
- Despite external influence, El Salvador is more committed to a healthy Bitcoin policy.
El Salvador Senior Bitcoin Advisor Max Keiser has revealed that President Nayib Bukele plans to increase the country’s Bitcoin reserve by an additional 20,000 BTC. This move emphasizes El Salvador’s confidence in Bitcoin’s future performance.
El Salvador Ramps Up Daily Bitcoin Buy
In pursuit of this goal, El Salvador has intensified its daily Bitcoin purchase, according to reports. Keiser said the country increased its daily Bitcoin purchase to 11 BTC, valued at about $1.06 million. As CNF reported earlier, El Salvador now holds a total of 5,994 BTC, valued at over $580 million at the current market price.
JUST IN: 🇸🇻 El Salvador Senior Bitcoin Advisor Max Keiser says “President Bukele has ramped up daily Bitcoin buys with an interim goal of acquiring 20,000 more #Bitcoin.” pic.twitter.com/h9y3evNk8n
— Bitcoin Magazine (@BitcoinMagazine) December 21, 2024
The recent 11 BTC purchase marks the beginning of the country’s ambitious campaign to buy 20,000 coins. This strategic Bitcoin purchase reflects President Bukele’s vision to increase the Bitcoin-per-capita ratio for all Salvadorans to the highest in the world.
Since El Salvador adopted Bitcoin in 2021, President Bukele has continued to purchase the coin. President Bukele has even made adding Bitcoin to El Salvador’s strategic reserve a top priority in his economic policy. The President believes Bitcoin is the only true wealth reserve of a nation
El Salvador’s anticipated 20,000 Bitcoin buyup would make it among the largest institutional investors in the cryptocurrency. According to Keiser, this target would put the country’s total holdings at approximately 26,000 BTC. At current market values of around $96,000 per BTC, this holding would be worth over $2.4 billion.
The Central American nation recently gained attention for implementing changes to its Bitcoin policy. According to a CNF report, El Salvador plans to make Bitcoin acceptance by merchants optional, departing from its earlier approach of mandatory usage.
The administration will also discontinue its support for the Chivo wallet, the world’s first national Bitcoin wallet designed to facilitate transactions in both dollars and Bitcoin. El Salvador’s plan limits the public sector’s involvement in Bitcoin-related operations.
Bitcoin Vision Remains Despite IMF Loan Agreement
These changes are intended to reduce the risks associated with Bitcoin while complying with a $1.4 billion loan agreement with the International Monetary Fund (IMF). Under the deal, El Salvador must only restrict tax payments to US dollars, representing a partial change from its earlier all-encompassing Bitcoin adoption.
Despite these new circumstances, El Salvador’s government has reaffirmed its independence on Bitcoin policy. The country’s Bitcoin office director, Stacy Herbert, stated that Bitcoin would remain a legal tender.
Additionally, the government’s timely disclosure of new Bitcoin purchases demonstrates its commitment to crypto adoption, regardless of external circumstances.
The IMF’s latest stance indicates a softening of its past concerns about El Salvador’s Bitcoin strategy. The organization said many of its previous warnings regarding financial and legal dangers “have not materialized.”
This recognition comes as El Salvador expands its role as a Bitcoin hub, recently hosting an “Adopting Bitcoin” Conference that gained international interest.
