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El Salvador Purchases 11 Bitcoins Despite $1.4B IMF Deal
Despite a recent agreement with the International Monetary Fund (IMF) worth $1.4 billion, El Salvador has decided to continue its Bitcoin ambitions by purchasing an additional 11 Bitcoins. The move, which adds to the country’s existing reserves, demonstrates El Salvador’s unwavering commitment to crypto.
According to official statements, El Salvador acquired the newly purchased Bitcoins for approximately $1.07 million. This brings the total amount of BTC in the country’s Strategic Bitcoin Reserve to 5,980.77 BTC, valued at a staggering $579,745,611.
The news comes as a surprise, given the IMF deal and speculation that the agreement would prompt El Salvador to reconsider its Bitcoin strategy. However, Stacy Herbert, director of the National Bitcoin Office, has assured that Bitcoin will remain the country’s legal tender, unaffected by the funding arrangement.
Source: cryptotale.org
