Daniel Walker
El Salvador has once again expanded its crypto treasury, with President Nayib Bukele announcing the purchase of 21 BTC, worth about $2.3 million, to commemorate the fourth anniversary of the nationโs Bitcoin Law. The country first recognized Bitcoin as legal tender in September 2021.
With this latest addition, El Salvadorโs total reserves reached approximately 6,313 BTC, currently valued at around $701.8 million, according to data from the National Bitcoin Office.
Just a week earlier, the country redistributed its Bitcoin holdings across 14 separate addresses to mitigate potential risks linked to future quantum computing threats.
New Bitcoin-Friendly Legislation in Place
In August, El Salvadorโs legislature approved a new law allowing major financial institutions to apply for licenses to provide bitcoin and digital asset services to institutional and sophisticated investors.
At the same time, the countryโs Bitcoin Office has been purchasing 1 BTC daily, steadily growing its reserves.
Conflicting Reports with IMF Loan Agreement
These ongoing acquisitions, however, appear to conflict with a July filing to the IMF by El Salvadorโs central bank president and finance minister, which claimed that public sector bitcoin purchases ceased in February as part of the countryโs loan terms.
Bukele dismissed such reports in March, writing on X: โNo, itโs not stopping. If it didnโt stop when the world ostracized us and most โbitcoinersโ abandoned us, it wonโt stop now, and it wonโt stop in the future.โ
