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El Salvador Purchases 11 Bitcoins Despite $1.4B IMF Deal
On December 20, the Bitcoin Office in El Salvador announced the purchase of 11 Bitcoins, worth approximately $1.07 million, despite entering into a major funding agreement with the International Monetary Fund (IMF) for $1.4 billion. This significant move underscores the country’s unwavering commitment to the digital currency.
The purchase follows a recent Bitcoin price drop below the crucial $100,000 mark, sparking concerns about potential changes in El Salvador’s Bitcoin policies. However, Stacy Herbert, Director of the National Bitcoin Office, has reassured that Bitcoin will continue to be recognized as legal tender in the country. In her statement, she emphasized that El Salvador will not abandon its critical Bitcoin projects and will instead focus on expanding its strategic Bitcoin reserve.
The new addition brings the total number of Bitcoins held by the country to 5,980.77 BTC, valued at $579,745,611. This significant development demonstrates the government’s dedication to the digital currency despite the IMF agreement.
In light of this news, it is essential to note that El Salvador has not been deterred from its Bitcoin ambitions and will continue to strengthen its position in the global cryptocurrency market.
Source: cryptotale.org
