El Salvador’s Bitcoin Holdings Skyrocket 133% Despite IMF Stark Warnings!
El Salvador, the first country to adopt Bitcoin as legal tender, shows no signs of slowing down amid repeated warnings from the International Monetary Fund (IMF) to limit its Bitcoin purchases. Recently, the El Salvador Bitcoin Office announced that it was adding $1 million worth of Bitcoin to its strategic Bitcoin reserve. This bold move appears to be paying off, as the country’s Bitcoin portfolio has surged over 133% to an impressive $632 million.
El Salvador’s Bitcoin holdings offer huge returns!
In a recent tweet, El Salvador Bitcoin Office Announces It has transferred $1 million worth of Bitcoin to the country’s Strategic Bitcoin Reserve. It was previously reported that a wallet linked to El Salvador purchased 11 Bitcoins worth $1.07 million to increase its holdings.
This demonstrates the country’s strong belief in Bitcoin as part of its financial plans. El Salvador maintains its goal of buying 1 Bitcoin per day to increase its reserves.
President Nayib Bukele proudly stated that the country’s Bitcoin portfolio has grown by 133% and is currently worth $632 million. Starting with 5,966 BTC worth $270 million, holdings surged as the price of Bitcoin rose above $106,000.
By increasing its Bitcoin reserves, El Salvador is strengthening its position in the global crypto market and betting on greater gains in the future.
IMF stern warning
El Salvador’s decision to invest in Bitcoin has attracted both supporters and critics. Recently, as the price of Bitcoin fell below $100,000, the International Monetary Fund (IMF) warned El Salvador to limit its Bitcoin investments.
Stacy Herbert, director of El Salvador’s Bitcoin office, responded on X saying that Bitcoin will remain legal tender in the country. She also mentioned that the government will continue to add more Bitcoin reserves.
El Salvador also made US$1.4 billion loan agreementl and the International Monetary Fund. As part of the agreement, President Nayib Bukele’s government agreed to reduce some Bitcoin policies. The agreement also makes clear that taxes can only be paid in the U.S. dollar, the country’s other official currency.
El Salvador is sticking with its Bitcoin plans despite warnings from the International Monetary Fund, demonstrating its confidence in the cryptocurrency’s long-term potential.
