Bitcoin: El Salvador Strengthens Its Reserves Despite IMF Threats
On January 20, 2025, the National Bitcoin Office of El Salvador announced the addition of 12 new bitcoins to its strategic reserves, bringing the total to 6,044 BTC, worth over 617 million dollars. This decision comes despite a recent agreement with the International Monetary Fund (IMF) aimed at reducing some of the country’s crypto policies in exchange for a loan of 1.4 billion dollars.
El Salvador challenges the IMF by purchasing 12 additional bitcoins!
President Nayib Bukele, a staunch supporter of bitcoin, has maintained his pro-crypto stance despite criticism and international pressures. In September 2021, El Salvador became the first country in the world to adopt BTC as legal tender, an initiative that sparked passionate debates both nationally and internationally.
The recent agreement with the IMF included measures such as reducing government involvement in the Chivo crypto wallet and modifying the obligation for the private sector to accept bitcoin. However, the recent purchase of 12 BTC shows that the Salvadoran government has no intention of abandoning its cryptocurrency-based economic diversification strategy.
Stacy Herbert, director of the National Bitcoin Office, reaffirmed that the country’s plans regarding bitcoin remain unchanged. She emphasized that the goal is to strengthen national reserves and take advantage of the rise in BTC value, which recently reached a new historic peak of 109,000 dollars.
Aren’t Salvadorans interested in BTC?
Despite the potential benefits, the large-scale adoption of bitcoin in El Salvador remains controversial. A survey conducted in October 2024 revealed that 92% of Salvadorans do not use BTC for their daily transactions, an increase from a 2023 survey showing that 88% of respondents did not use cryptocurrencies.
The purchase of these 12 new BTC by El Salvador thus illustrates the country’s determination to pursue its pro-bitcoin policy, despite external challenges and pressures. This strategy could have significant implications for the Salvadoran economy and for the global adoption of cryptocurrencies.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
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