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Bitcoin purchases to continue in El Salvador despite IMF warning
El Salvador has reaffirmed its commitment to buying Bitcoin (BTC) despite a warning from the International Monetary Fund (IMF). The country’s government recently purchased $1 million worth of BTC, bringing its total holdings to $632 million. This development comes as no surprise given the nation’s unwavering dedication to incorporating cryptocurrency into its financial framework.
The IMF had previously expressed concerns about the potential risks associated with investing in Bitcoin. However, El Salvador remains committed to its strategy of purchasing one BTC daily, a plan initiated by President Nayib Bukele.
The latest addition to the government’s Strategic Bitcoin Reserve has proven successful, resulting in a 133% surge in the nation’s portfolio value. This growth has not gone unnoticed, as other countries like Russia and China explore integrating digital assets into their financial systems.
El Salvador’s commitment to Bitcoin is part of its broader effort to promote economic growth and provide greater financial inclusion. The country hopes that this move will also encourage other nations to follow suit and adopt similar strategies.
In related news, El Salvador has also entered into a partnership with Argentina to foster the development of the cryptocurrency sector in both countries.
Source: ambcrypto.com
