El Salvador stockpiles 7,762 Bitcoin (BTC)... "Buys even if the IMF blocks it"

▲ El Salvador, Bitcoin (BTC)

El Salvador has continued to buy Bitcoin (Bitcoin, BTC) despite the International Monetary Fund's (IMF) opposition, increasing its national holdings to 7,762 BTC.

According to Bitcoin.com on September 2 (local time), El Salvador's Bitcoin Office announced that the country's Bitcoin reserves reached 7,762 BTC this week. The estimated value is approximately $598 million. Since adopting Bitcoin as legal tender in 2021, El Salvador has maintained a policy of buying 1 BTC per day, regardless of price.

The pace of purchases accelerated this year. The Salvadoran government added over 1,600 BTC to its reserves from January to April. Five years after Bitcoin was incorporated into national assets, there has been no significant change in its purchasing policy.

Even a $1.4 billion financial assistance agreement with the International Monetary Fund (IMF) did not stop the purchases. The agreement included provisions to limit public sector Bitcoin purchases and liberalize merchants' acceptance of Bitcoin payments. El Salvador revoked Bitcoin's legal tender status through related legislative amendments but maintained its national reserve purchase policy.

El Salvador's President Nayib Bukele views Bitcoin reserves as a long-term asset. Even after Bitcoin's legal tender status was removed and difficulties were encountered in operating the Chivo wallet, the national accumulation of Bitcoin did not stop. Bitcoin.com reported that El Salvador holds a significant amount of Bitcoin reserves among countries that publicly disclose their holdings.

[Key Article Summary]

-El Salvador's national Bitcoin reserves have increased to 7,762 BTC, with an estimated value of approximately $598 million.

-The government continued its policy of buying 1 BTC per day, adding over 1,600 BTC from January to April this year.

-National reserve purchases have not ceased, even after the $1.4 billion IMF agreement and the revocation of Bitcoin's legal tender status.

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